Canary Capital applies for the first MOG ETF: Is Memecoin entering the TradFi market?

On November 12, 2025, asset management company Canary Capital submitted an application to the SEC to launch a Spot exchange-traded fund tracking MOG Coin—Canary MOG ETF. This comes just as the company's Spot XRP ETF is set to be listed on Nasdaq (November 13), becoming the first XRP Spot fund registered under the Securities Act of 1933.

At the same time, the latest revenue procedure from the U.S. Treasury Department for 2025-31 paves the way for Solana and Ethereum ETFs to be staked, potentially providing an additional 5% to 7% yield, as the cryptocurrency ETF ecosystem shows signs of rapid diversification.

MOG ETF Product Design: The Institutional Breakthrough Journey of Memecoin

The Canary MOG ETF application documents show that the fund will adopt a trust structure, directly holding MOG tokens instead of derivatives, operating similarly to the approved Bitcoin and Ethereum spot ETFs. This means that investors can gain regulated exposure to MOG through regular brokerage accounts, with the fund's objective reflecting the market price of MOG in the spot market (less management costs). According to the filing materials, MOG is defined as “socially driven, associated with meme culture rather than traditional blockchain functionalities Ethereum tokens.”

This application is a milestone because MOG is the first pure Memecoin to enter the US ETF application process. Fund shares will be created and redeemed in bulk, supporting MOG physical or cash equivalents, and will be open to both institutional and retail investors. In terms of legal structure, the MOG ETF is exempt from the 1940 Investment Company Act but adheres to the same disclosure and custody framework as other spot crypto ETFs, with asset security managed by an unnamed qualified custodian.

Cryptocurrency ETF Market Accelerates: From Bitcoin to Diversified Assets

The initiative by Canary Capital is a reflection of the thriving ecosystem of crypto ETFs. The company's XRP ETF is scheduled to trade on Nasdaq on November 13, with a management fee of 0.50%, offering direct XRP exposure without the need for futures contracts. Meanwhile, the Solana ETF launched by Bitwise and Grayscale in October has accumulated over $500 million in assets, demonstrating strong market demand for non-Bitcoin products.

More important breakthroughs come from the regulatory level. On November 10, the U.S. Treasury released the revenue procedure 2025-31, which paves the way for Spot crypto ETFs by allowing funds to earn yields through staking proof-of-stake assets like SOL and ETH, with an estimated annual return between 5% and 7%. This policy change could reshape the ETF competitive landscape—the yield generation function will enhance the attractiveness of the products, especially for long-term holders.

Canary Capital ETF key application information

• Application Date: November 12, 2025
• ETF Name: Canary MOG ETF
• Underlying Asset: MOG Coin
• Structure: Spot trust, non-1940 Act fund
• XRP ETF Launch: Nasdaq, November 13
• Management Fee: 0.50% (XRP ETF)

Analysis of the Memecoin Phenomenon: From Community Culture to Financial Assets

The ETF application for MOG Coin has sparked an in-depth discussion on the asset attributes of Memecoins. Unlike the narratives of Bitcoin as “digital gold” or Ethereum as the “world computer,” the value of tokens like MOG primarily derives from community consensus and cultural resonance. Although this meme-based asset has been criticized for lacking fundamentals, its market influence cannot be ignored— the total market capitalization of the top ten Memecoins exceeds $80 billion, with daily trading volumes often surpassing $10 billion.

From an investment theory perspective, Memecoins can be seen as an extreme embodiment of the “attention economy.” Their price fluctuations are highly correlated with social media trends, celebrity endorsements, and community activity, rather than technological advancements or user adoption. This characteristic makes them a thermometer of market sentiment, but also brings extreme speculation. Incorporating such assets into a regulated ETF framework is akin to carving out a place for internet-native cultural phenomena within the traditional financial system.

Regulatory Frontier: How the SEC Balances Innovation and Investor Protection

The SEC will face a tough decision regarding Memecoin ETF applications. On one hand, the success of Bitcoin and Ethereum ETFs since 2024 proves there is real demand for regulated crypto products; on the other hand, the lack of a clear valuation framework and practical use cases for Memecoins may increase investor risk. The SEC is likely to focus on practical issues such as market manipulation prevention, liquidity adequacy, and custody arrangements.

Historical experience shows that regulatory authorities typically adopt a gradual approval strategy for new asset classes. The Bitcoin ETF took ten years to be approved, while the Ethereum ETF waited seven years. The approval process for Memecoin ETFs may depend more on the overall maturity of the industry—including the improvement of monitoring systems, the enhancement of market maker capabilities, and the evolution of institutional custody solutions. Meanwhile, legislative progress in Congress, such as the “21st Century Financial Innovation and Technology Act,” may also affect the approval timeline.

When Memecoin Dresses Up in ETF Formal Attire

The application of Canary Capital's MOG ETF marks an unexpected entry of institutionalization into the cryptocurrency market. Once viewed as a fringe phenomenon by traditional finance, Memecoins are now knocking on the doors of mainstream finance. This not only demonstrates the increasing diversity of the cryptocurrency asset class but also tests the inclusiveness and adaptability of regulatory frameworks. Regardless of whether the application is ultimately approved, it has already sent a clear signal: the integration of blockchain cultural phenomena with traditional financial instruments is no longer a future imagined, but a reality that is happening. In this sense, the MOG ETF is not just a financial product, but has also become a cultural symbol for observing the evolution of digital assets.