Canary Capital has filed to originate an replacement-traded fund (ETF) monitoring the price of a memecoin known as Mog Coin, in short lifting the price of the runt-known token.
In a regulatory filing to the US Securities and Commerce Commission on Wednesday, Canary acknowledged its ETF would defend Mog Coin (MOG), which it described as a memecoin “related to the ‘Mog’ web meme.”
“Because of its association with the ‘Mog’ meme custom and its neighborhood-pushed branding, some hang in thoughts MOG both a cultural stammer and a digital collector’s merchandise,” Canary acknowledged in its filing.
Asset managers hang flooded the SEC with ETF filings tied to increasingly speculative crypto tokens, and the regulator accepted generic ETF checklist requirements in September that lowered the boundaries to launching crypto merchandise.
MOG climbs on ETF filing
Mog Coin is price ethical fractions of a cent and has declined by over 80% within the previous one year. Nonetheless, Canary’s filing seen its designate in short spike, which has since settled to a produce of 5.5% over the last day.
The token’s price used to be price below $140 million earlier on Wednesday, sooner than leaping to a height of over $169.5 million on Canary’s filing. It has since settled to a market price of $146.3 million.
Nansen records shows the token used to be created in July 2023 and ethical over 39,000 wallets at this time defend MOG, with the 100 finest tokenholders controlling fifty three% of its present.
Canary acknowledged that the promoters and neighborhood tied to MOG “hang no longer announced any particular blockchain-based mostly entirely mostly utility for MOG previous its branding and cultural associations.”
Linked: Bitcoin ETFs bawl abet with $524M inflows in glorious day since market smash
It added that there used to be “no guarantee such uses or advantages will materialize or that the cultural goodwill surrounding MOG will grow or be sustained over any time frame.”
Canary acknowledged the ETF might per chance possible must defend up to 5% of its sources in Ether (ETH) to help pay for transaction prices on the blockchain, because the token is native to the community.
SEC situation to study about speculative crypto ETFs
Canary has filed to originate a host of ETF monitoring altcoins, including one who tracks SEI, the native token of the Sei community, and Official Trump (TRUMP), President Donald Trump’s memecoin.
Final month, the asset manager launched ETFs tied to Hedera (HBAR) and Litecoin (LTC) and its relate for an XRP (XRP) ETF might per chance possible hit the market as soon as Thursday, which would assemble it the first within the US to straight defend the token.
The SEC is now expected to resume its review route of for crypto ETFs after Trump signed a funding invoice handed by the Residence on Wednesday, bringing an conclude to a 43-day authorities shutdown, the longest in historical previous.
Journal: Solana vs Ethereum ETFs, Fb’s affect on Bitwise — Hunter Horsley
