Quick Breakdown
- Canary Capital filed for an ETF tracking Mog Coin, describing it as a meme-inspired cultural asset.
- MOG’s market cap jumped from $140M to $169.5M following the ETF filing before settling at $146.3M.
- SEC resumes ETF reviews as Canary pushes for more speculative crypto products, including one tied to XRP.
Canary Capital eyes Mog coin ETF
Canary Capital has taken a bold step into the world of meme-driven digital assets, filing 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.
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