Canary Capital has filed to launch an exchange-traded fund (ETF) that tracks Mog Coin (MOG) — a crypto token inspired by the popular “Mog” internet meme.
According to the filing submitted to the U.S. Securities and Exchange Commission (SEC) on Wednesday, the ETF would hold MOG directly. Canary described the token as a “community-driven cultural statement,” noting that it functions more as a digital collectible than a utility token.
The firm added that while Mog Coin has captured the interest of meme enthusiasts, “there is no guarantee that its cultural goodwill will be sustained or that it will deliver any blockchain-based benefits.”
MOG price spikes after ETF news
The filing instantly triggered a market reaction. Although Mog Coin trades at a fraction of a cent, it surged 5.5% in 24 hours, with its market value climbing from $140 million to a peak of $169.5 million before settling around $146.3 million.
Data from Nansen shows that Mog Coin was launched in July 2023, and roughly 39,000 wallets currently hold the token. The top 100 holders control 53% of the total supply, underscoring the highly concentrated ownership structure of the token.
Canary also noted that the ETF might allocate up to 5% of its assets in Ether (ETH) to cover blockchain transaction fees, since MOG is built on the Ethereum network.
SEC faces wave of speculative crypto ETF filings
The move comes amid a flurry of ETF applications targeting increasingly speculative cryptocurrencies. Canary has already filed for ETFs tied to SEI, the Official Trump (TRUMP) memecoin, and recently launched products linked to Hedera (HBAR) and Litecoin (LTC).
Its XRP ETF could be approved as soon as Thursday, potentially becoming the first U.S. ETF to hold XRP directly.
Meanwhile, the SEC is resuming its ETF review process following the end of the 43-day U.S. government shutdown, the longest in history. With political and regulatory momentum returning, the spotlight is back on how far the SEC will go in approving products tied to meme and altcoins.
Also Read: Global X launches Bitcoin Covered Call ETF (BCCC)
Does the filing guarantee regulatory approval?
The filing does not guarantee that the Mog Coin ETF will launch. The SEC must review the application, evaluate market structure concerns, and determine whether the product meets regulatory requirements. Previous crypto ETF approvals have involved lengthy review processes, particularly around issues such as custody, liquidity, surveillance, and investor protection.
The regulator’s decision could have wider implications for the future of crypto ETFs.
An approval could encourage more asset managers to pursue products linked to smaller cryptocurrencies. A rejection, meanwhile, could reinforce the idea that regulators remain more comfortable with established digital assets like Bitcoin and Ethereum.
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