Canary Capital Makes Bold Move with TRUMP Memecoin ETF Filing
Canary Capital made headlines in the crypto world by filing the first S-1 registration statement for a TRUMP memecoin exchange-traded fund (ETF) with the SEC on Aug. 26. This move marks a departure from earlier mutual fund approaches, as Canary opted for Form S-1 under the 1933 Securities Act instead of the N-1A investment company registration form used by competitors Tuttle Capital and Rex Osprey.
The decision to go with Form S-1 registration statements enables Canary to register an ETF that tracks the spot prices of underlying assets, positioning their product as a traditional ETF structure rather than an investment company vehicle. This approach ensures regulatory compliance with established securities laws while utilizing traditional ETF mechanics.
Rex Osprey and Tuttle Capital had previously filed initial N-1A statements for TRUMP ETFs, with Tuttle even proposing leveraged funds featuring multiple memecoins like TRUMP and MELANIA tokens. However, Canary’s filing of the “Canary Trump Coin ETF” entity in Delaware on Aug. 13 signals their commitment to this new ETF structure.
In addition to the TRUMP coin ETF, Canary Capital also submitted plans for a Canary American-Made Crypto ETF on Aug. 25. This proposed fund aims to track the Made-in-America Blockchain Index, focusing on cryptocurrencies developed in the US, tokens minted domestically, and networks with US-based operations. With US-origin crypto assets estimated to be worth over $520 billion, the American-Made ETF is poised to tap into this market.
Furthermore, the American-Made ETF aims to generate additional income through network validation processes such as staking and transaction verification. This innovative approach showcases Canary Capital’s broader crypto ETF strategy and their commitment to exploring new opportunities in the digital asset space.
Overall, Canary Capital’s bold move with the TRUMP memecoin ETF filing underscores their innovative approach to ETF structures and their proactive stance in the evolving crypto landscape. With regulatory compliance and traditional ETF mechanics at the core of their strategy, Canary Capital is poised to make a significant impact in the world of digital assets.