Crypto ETF issuer Canary Capital has registered an entity that indicates plans to offer a Trump coin ETF. This provides a bullish outlook for the meme coin, which spiked on the revelation of this registration from the asset manager.
Canary Capital Reveals Plans To Offer Trump Coin ETF
Data from the Delaware Division of Corporations shows that a ‘Canary Trump Coin ETF’ has been registered. The asset manager incorporated this entity on August 13, a move that indicates plans to offer a fund that provides institutional investors with exposure to the meme coin.
A Delaware registration typically precedes an S-1 and 19b-4 filing with the U.S. SEC. Therefore, Canary Capital is likely to file its registration next with the Commission while an exchange files for a rule change to list and trade shares of this fund.
Notably, a Trump Coin ETF filing will mean that there are now ETF filings for three meme coins. Grayscale, Bitwise, and 21Shares have already filed for funds that will hold the top meme coin, Dogecoin. Meanwhile, Canary Capital already filed for a PENGU ETF.
Furthermore, an ETF is bullish for the TRUMP token, considering how it would inject more liquidity into the meme coin’s ecosystem. Meanwhile, the SEC is likely to approve the fund since it already declared that meme coins are commodities and not securities.
TradingView data shows that the meme coin reacted positively to the revelation of the ‘Canary Trump Coin ETF’ registration, bouncing from around $9.40. The top Solana meme coin is also up almost 4% in the past day, currently trading at around $9.60.
Source: TradingView; TRUMP Daily Chart
The meme coin is also up over 10% in the last seven days, recording these gains as part of a broader crypto market rally. However, it is down over 64% from its all-time high (ATH) of $75, which it hit when it first launched in January earlier this year.
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Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
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