Canary Capital has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) that tracks the price of Mog Coin, a little-known meme coin. This move briefly boosted the price of the token.
Canary Capital stated in the regulatory documents submitted to the SEC on Wednesday that its ETF will hold Mog Coin (MOG), which the company describes as a meme coin related to the "Mog" internet meme.
"Due to the close association of MOG with 'Mog' meme culture and its community-driven brand characteristics, some investors view it as both a cultural expression symbol and a digital collectible," Canary elaborated in the application documents.
As asset management companies rush to submit ETF applications related to increasingly speculative crypto tokens, the regulator approved universal ETF listing standards in September, significantly lowering the threshold for launching crypto products.
Mog Coin is currently valued at just a few cents and has fallen over 80% in the past 12 months. However, Canary's ETF application caused its price to briefly surge, and it has now stabilized at a 5.5% increase over the past 24 hours.
Earlier on Wednesday, the token had a market capitalization of less than $140 million, but it climbed to a peak of over $169.5 million following the news of Canary's application. It has since retreated to a market capitalization level of $146.3 million.
According to Nansen data, the token was created in July 2023, and there are currently about 39,000 wallets holding MOG, with the top 100 holders controlling 53% of the token supply.
Canary noted that promoters and the community associated with MOG "have not announced any specific blockchain utility beyond its brand and cultural associations."
The company further added, "There is no guarantee that such uses or benefits will be realized, nor can it be ensured that the cultural identity surrounding MOG will grow or persist at any time."
Canary stated that the ETF may also need to allocate up to 5% of its assets to Ethereum (ETH) to pay for transaction fees on the blockchain, as MOG is the native token of the Ethereum network.
Canary has applied to launch a series of ETFs tracking altcoins, including one that tracks the native token SEI of the Sei network, as well as an ETF tracking the meme coin TRUMP related to President Donald Trump.
Last month, the asset management company successfully launched ETFs related to Hedera (HBAR) and Litecoin (LTC), and its application for an XRP ETF could be approved for listing as early as Thursday, making it the first ETF product in the U.S. to directly hold XRP tokens.
Following President Trump’s signing of the funding bill passed by the House of Representatives, the SEC is expected to resume its review process for crypto ETFs, ending a record-long 43-day government shutdown.
Related: After a month of stagnation in the crypto market, the NFT and meme coin market begins to warm up.
Original: “Canary Capital Files for MOG ETF, Boosting the Little-Known Meme Coin”
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