Canary Capital has filed to launch an exchange-traded fund (ETF) tracking the price of a memecoin called Mog Coin, briefly lifting the price of the little-known token.
In a regulatory filing to the US Securities and Exchange Commission on Wednesday, Canary said its ETF would hold Mog Coin (MOG), which it described as a memecoin “associated with the ‘Mog’ internet meme.”
“Because of its association with the ‘Mog’ meme culture and its community-driven branding, some consider MOG both a cultural statement and a digital collector’s item,” Canary said in its filing.
Asset managers have flooded the SEC with ETF filings tied to increasingly speculative crypto tokens, and the regulator approved generic ETF listing standards in September that reduced the barriers to launching crypto products.
MOG climbs on ETF filing
Mog Coin is worth just fractions of a cent and has declined by over 80% in the past 12 months. However, Canary’s filing saw its price briefly spike, which has since settled to a gain of 5.5% over the past day.
The token’s value was worth under $140 million earlier on Wednesday, before jumping to a peak of over $169.5 million on Canary’s filing. It has since settled to a market value of $146.3 million.
Nansen data shows the token was created in July 2023 and just over 39,000 wallets currently hold MOG, with the 100 largest tokenholders controlling 53% of its supply.
Canary said that the promoters and community tied to MOG “have not announced any particular blockchain-based utility for MOG beyond its branding and cultural associations.”
Related: Bitcoin ETFs roar back with $524M inflows in best day since market crash
It added that there was “no guarantee such uses or benefits will materialize or that the cultural goodwill surrounding MOG will grow or be sustained over any period of time.”
Canary said the ETF may also have to hold up to 5% of its assets in Ether (ETH) to help pay for transaction fees on the blockchain, as the token is native to the network.
SEC set to review speculative crypto ETFs
Canary has filed to launch a host of ETF tracking altcoins, including one that tracks SEI, the native token of the Sei network, and Official Trump (TRUMP), President Donald Trump’s memecoin.
Last month, the asset manager launched ETFs tied to Hedera (HBAR) and Litecoin (LTC) and its bid for an XRP (XRP) ETF could hit the market as soon as Thursday, which would make it the first in the US to directly hold the token.
The SEC is now expected to resume its review process for crypto ETFs after Trump signed a funding bill passed by the House on Wednesday, bringing an end to a 43-day government shutdown, the longest in history.
Magazine: Solana vs Ethereum ETFs, Facebook’s influence on Bitwise — Hunter Horsley
