Canary Capital, an asset manager that recently ventured into the crypto exchange-traded fund (ETF) arena, has announced its latest initiative with a filing for a TRUMP ETF designed to track the memecoin’s price.
If approved by the Securities and Exchange Commission (SEC), which has seen a shift in stance under Chair Paul Atkins, the TRUMP ETF could begin trading in the coming months.
The TRUMP memecoin was launched just days before the inauguration of President Donald Trump back in January, quickly gaining traction on social media platforms for its ties to the billionaire.
However, the token has not been without controversy; some ethics experts argue that it poses a potential conflict of interest for President Trump. The White House has denied these claims, asserting that the president’s assets are managed by a family trust.
This fund plans to concentrate on projects like XRP, Solana (SOL), and Cardano (ADA), tapping into the growing demand for assets supported by President Donald Trump’s vision of making America “the crypto capital of the world.”
Eric Balchunas, an ETF analyst at Bloomberg, noted the increasing competition among issuers to differentiate their products as they await the SEC’s upcoming decision window, anticipated in the fourth quarter.
Osprey Funds and REX Shares filed similar applications with the Securities and Exchange Commission the day following the memecoin’s launch, joining Canary as additional companies poised to profit from a future TRUMP ETF market.
As of this writing, the news of the latest TRUMP ETF registration has not had a beneficial effect on the President’s memecoin, which is currently trading at $8.33, indicating no price movements over the last 24 hours. The memecoin is currently 88% lower in value than it was at its peak.
Featured image from DALL-E, chart from TradingView.com
