Canary Capital has filed to launch an exchange-traded fund (ETF) monitoring the worth of a memecoin referred to as Mog Coin, briefly lifting the worth of the little-known token.
In a regulatory submitting to the US Securities and Trade Fee on Wednesday, Canary stated its ETF would maintain Mog Coin (MOG), which it described as a memecoin “related to the ‘Mog’ web meme.”
“Due to its affiliation with the ‘Mog’ meme tradition and its community-driven branding, some think about MOG each a cultural assertion and a digital collector’s merchandise,” Canary stated in its submitting.
Asset managers have flooded the SEC with ETF filings tied to more and more speculative crypto tokens, and the regulator permitted generic ETF itemizing requirements in September that diminished the boundaries to launching crypto merchandise.
MOG climbs on ETF submitting
Mog Coin is value simply fractions of a cent and has declined by over 80% previously 12 months. Nevertheless, Canary’s submitting noticed its value briefly spike, which has since settled to a acquire of 5.5% over the previous day.
The token’s worth was value below $140 million earlier on Wednesday, earlier than leaping to a peak of over $169.5 million on Canary’s submitting. It has since settled to a market worth of $146.3 million.
Nansen knowledge reveals the token was created in July 2023 and simply over 39,000 wallets presently maintain MOG, with the 100 largest tokenholders controlling 53% of its provide.
Canary stated that the promoters and group tied to MOG “haven’t introduced any explicit blockchain-based utility for MOG past its branding and cultural associations.”
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It added that there was “no assure such makes use of or advantages will materialize or that the cultural goodwill surrounding MOG will develop or be sustained over any time period.”
Canary stated the ETF may have to carry as much as 5% of its belongings in Ether (ETH) to assist pay for transaction charges on the blockchain, because the token is native to the community.
SEC set to evaluation speculative crypto ETFs
Canary has filed to launch a number of ETF monitoring altcoins, together with one which tracks SEI, the native token of the Sei community, and Official Trump (TRUMP), President Donald Trump’s memecoin.
Final month, the asset supervisor launched ETFs tied to Hedera (HBAR) and Litecoin (LTC) and its bid for an XRP (XRP) ETF might hit the market as quickly as Thursday, which might make it the primary within the US to straight maintain the token.
The SEC is now anticipated to renew its evaluation course of for crypto ETFs after Trump signed a funding invoice handed by the Home on Wednesday, bringing an finish to a 43-day authorities shutdown, the longest in historical past.
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