Canary Capital Files To List Trump Coin ETF

Canary Capital on Tuesday submitted a filing with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tied to the meme token Trump Coin (TRUMP).

The move follows Monday’s disclosure of its application for the Canary American-Made Crypto ETF (MRCA). Osprey Funds and REX Shares have also submitted a filing for an ETF to track the Trump Coin. 

Trump Coin’s price edged 0.8% lower in the last 24 hours, trimming some of its earlier losses after the cryptocurrency market remained under pressure following the weekend flash crash. On Stocktwits, retail sentiment around the meme token trended in ‘bullish’ territory over the past day, with message volume rising to ‘normal’ from ‘low’ levels.

Canary Capital’s Trump Coin ETF filing also said that the fund may need to hold small amounts of Solana’s native token SOL (SOL) to cover network transaction fees, since the Trump Coin is a part of the Solana Program Library (SPL). Canary said the trust could initially allocate up to 5% of its assets in SOL for this purpose, though it will not hold the token for investment.

As an SPL token, Trump Coin relies on Solana’s decentralized infrastructure, which supports not only token transfers but also smart contracts and other applications similar to Ethereum (ETH).

SOL’s price remained the worst hit among the top 10 cryptocurrencies by market capitalization during midday trade on Tuesday. The altcoin dipped more than 3%, trading at around $187.60 at the time of writing. The token also saw ‘bullish’ retail sentiment over the past day on Stocktwits amid ‘high’ levels of chatter.

Read also: Bitcoin Price Extends Losses After Flash Crash – Dogecoin, Solana Lead Altcoin Decline

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