Canary Capital is widening its wager on area of interest crypto property with a brand new submitting for an exchange-traded fund tied to MOG Coin, a cat-themed memecoin born from TikTok tradition.
The agency submitted a registration assertion on Wednesday for the Canary MOG ETF, aiming to supply direct value publicity to MOG held by the belief, minus working bills.
MOG sits far outdoors the large-cap universe, ranked 339th by market worth with a capitalisation of roughly $170 million. Issued on Ethereum, the token is described in Canary’s submitting as each a memecoin and a “cultural assertion,” reflecting its roots within the “Mog” meme and a group that treats the asset as half digital collectable, half social identification.
Costs, nonetheless, inform a harsher story — MOG is down 78% over the previous yr because the broader memecoin sector unwinds from 2024’s highs.
The submitting is indicative of Canary’s technique to construct a long-tail product suite.
The agency launched ETFs tied to Litecoin and HBAR final month. It can provide a pure-play spot XRP ETF afterward Thursday, leveraging up to date SEC steering that enables new merchandise to come back to market with out direct company sign-off throughout the ongoing authorities shutdown.
President Donald Trump’s appointment of crypto-supportive regulator Paul Atkins to steer the company has accelerated rulemaking round digital property and led to the approval of latest itemizing requirements for specialised ETFs — a big shift from the SEC’s posture simply two years in the past.
If accredited, the MOG ETF would add one other layer to the present wave of hyper-specific crypto publicity merchandise, bringing an obscure meme asset right into a regulated wrapper more and more favoured by retail brokers and wealth administration platforms.
Whether or not demand materializes is one other query — however the submitting reveals issuers are betting that meme tradition nonetheless has sufficient endurance to justify a ticker of its personal.