Canary Capital is pushing deeper into the crypto ETF world, this time with a surprising twist — a fund tied to a memecoin.
The firm has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch the Canary MOG ETF, the first-ever U.S. spot ETF that would directly track the price of MOG Coin.
The filing, submitted on November 12, marks a bold move to bring meme-driven tokens into the mainstream financial world. Unlike futures-based funds, this ETF will hold actual MOG tokens in custody — giving investors direct exposure to the coin itself.
How the MOG ETF Works
According to the filing, the fund will operate as a trust, similar to the approved Bitcoin and Ethereum spot ETFs. It’s designed to give everyday investors a regulated and simple way to gain exposure to MOG through their regular brokerage accounts.
The ETF’s goal is to mirror MOG’s real-time market price, minus management fees. Shares will be issued and redeemed in large blocks backed by MOG tokens or equivalent cash. That means both big institutions and retail traders will be able to get in on the action.
Since it’s structured like other spot crypto funds, the MOG ETF isn’t covered by the traditional Investment Company Act of 1940 — the same rule that standard stock ETFs follow. Instead, it will operate under the spot crypto ETF framework used by Bitcoin and Ethereum funds.
What Makes MOG Different
MOG Coin isn’t your typical cryptocurrency. It’s an Ethereum-based token born out of meme culture and online communities rather than complex blockchain utility. Its popularity has grown as part of the broader trend of socially driven tokens that thrive on internet virality rather than utility.
A Bigger ETF Push from Canary Capital
This filing comes right as Canary Capital prepares to launch its spot XRP ETF on Nasdaq on November 13. That product is the first U.S. spot XRP ETF approved under the Securities Act of 1933 and carries a 0.50% management fee. It offers direct exposure to XRP — no futures, no derivatives, just the real asset.
Meanwhile, the broader crypto ETF space is heating up fast. Solana ETFs from Bitwise and Grayscale, launched in October, have already attracted over $500 million in assets combined, showing massive investor interest in spot crypto products.
Adding to the momentum, the U.S. Treasury recently issued new guidelines — Revenue Procedure 2025-31 — that could let spot ETFs stake proof-of-stake assets like Solana (SOL) and Ethereum (ETH). That opens the door for ETF investors to potentially earn staking rewards of 5–7%, something never before available through regulated funds.
Why It Matters
The Canary MOG ETF could mark a turning point for memecoins, taking them from internet jokes to regulated financial products traded on major exchanges.
If approved, it would also show how fast the crypto ETF space is evolving — moving beyond major assets like Bitcoin and Ethereum into community-driven tokens that dominate online culture.
For Canary Capital, it’s another bold step in building out its crypto lineup — and for investors, it’s a sign that Wall Street and meme culture might be closer than ever before.
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