Crypto ETF issuer Canary Capital has registered a new entity in Delaware called “Canary Trump Coin ETF.”
According to a filing from the Delaware Division of Corporations the entity was officially registered on August 13. This is often the first step for asset managers before they take their plans to the U.S. Securities and Exchange Commission.
In most cases, the next step is to file an S-1 form along with a 19b-4 form. These filings are needed before a fund can be listed on a U.S. exchange for trading.
“TRUMP” Memecoin Surge 94% in trading activity
The news of the ETF registration immediately triggered a reaction among traders of the Trump Coin meme coin, which runs on the Solana blockchain. According to data from CoinMarketCap, the token’s trading volume surged by a massive 94% over the past 24 hours. The price has also seen an increase of 4%, with the token currently trading at $9.50 on a volume of $870 million.
The token has also been showing strength over the past week. It is up more than 7.18% over the last seven days, helped by a general rally in the crypto market.
But despite these recent gains, TRUMP is still far below its all-time high of $75, which it reached in January this year shortly after launch. Since then, it has dropped over 64% from that peak.
Meme Coin ETFs Gain Momentum Among Big Firms
Meanwhile, Canary Capital’s plan for Trump Coin alongside other meme coins is just the latest growing list of meme coins being turned into exchange-traded funds.
For instance, Grayscale, Bitwise, and 21Shares have already submitted filings for ETFs based on Dogecoin, the most well-known meme coin. Canary Capital itself has also filed for a PENGU ETF in the past, showing its interest in the meme coin space.
A Trump Coin ETF would likely bring more trading activity to the token since it would be easier for investors to buy shares of the fund rather than the coin itself.
Also Read: Trump’s Crypto Adviser David Bailey Plans to Buy $762M of Bitcoin
