Canary Capital has taken the first formal step toward launching what could become the United States’ inaugural exchange-traded fund (ETF) tied to the official Trump memecoin.
On Wednesday, a statutory trust for the Canary Trump Coin ETF appeared on the Delaware State Department’s registry, establishing the legal framework commonly used for crypto funds under the Securities Act of 1933. The move signals Canary’s intent to eventually file a full application with the U.S. Securities and Exchange Commission (SEC).
Bloomberg ETF analyst Eric Balchunas noted that Canary’s approach under the ’33 Act differs from Tuttle Capital’s ’40 Act filings for its Trump and Melania coin ETFs. The ’33 Act route is typically used for single-asset crypto ETFs, where the fund directly holds the underlying token rather than a basket of digital assets.
Looks Canary is prepping to poss file for first Trump Coin ETF via the ’33 Act. They registered the name an entity as statutory trust (33 act). Tuttle has Trump (and Melania) coin ETFs filed but via ’40 Act.. h/t source: @Cointelegraph pic.twitter.com/crz2ZApHkE
— Eric Balchunas (@EricBalchunas) August 13, 2025
This year has already seen similar ambitions from Osprey Funds and REX Shares, both disclosed Trump Coin ETF plans in January. Tuttle Capital also filed for leveraged ETFs focused on memecoins, including the Official Trump and Melania Meme tokens, making Tuttle the first U.S. asset manager to propose ETFs for emerging digital assets. By forming the Delaware trust, Canary creates the entity that would own the ETF’s assets and issue shares to investors.
The next key step would be filing an S-1 registration statement with the SEC, a process that could take months. Recent approvals for spot Bitcoin and Ethereum ETFs involved extended negotiations over surveillance-sharing agreements, pricing mechanisms, and redemption procedures.
Given Trump Coin’s limited trading history and the inherent volatility of memecoins, industry watchers say the proposal may encounter additional scrutiny. Canary has also moved to set up a similar fund for another memecoin, PENGU.
Meanwhile, Canary Capital established a new trust in June for a proposed ETF centred on staked Injective (INJ), aiming to provide investors with direct exposure to staking yields from the Injective blockchain.
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