Canary Registers Trump Coin ETF Trust in Delaware — TRUMP Token Jumps Over 10%
Canary Registers Trump Coin ETF Trust in Delaware — TRUMP Token Jumps Over 10%
Canary Capital has officially registered the Canary Trump Coin ETF Trust in Delaware, setting the stage for what could become the first U.S.-listed exchange-traded fund tied directly to the Official Trump memecoin.
At a glance:
- Canary Capital’s new Delaware trust could pave the way for a Trump Coin ETF.
- TRUMP token surged over 10% to $10.13 on the news.
- The move signals a potential SEC filing under the Securities Act of 1933.
The registration appeared Wednesday on the Delaware State Department’s corporate registry. The trust structure — a statutory trust — is a common legal framework for launching crypto ETFs under the 1933 Act, allowing the fund to hold the asset directly rather than a basket of cryptocurrencies.
Could a Trump Coin ETF be next?
While the Delaware filing doesn’t guarantee an ETF launch, it is a key first step. Bloomberg ETF analyst Eric Balchunas noted that Canary appears to be preparing the first Trump Coin ETF via the ’33 Act route, as opposed to the ’40 Act filings that Tuttle Capital has used for its Trump and Melania coin proposals.
This structure mirrors the setup of spot Bitcoin and Ethereum ETFs, where the fund directly holds the underlying asset. Earlier in the year, Osprey Funds and REX Shares also signaled interest in a TRUMP ETF, submitting initial paperwork in January.
Next steps and hurdles
Following the trust registration, Canary would need to file an S-1 registration statement with the SEC. Even with a prompt filing, approval could take months due to regulatory review, discussions over market surveillance, pricing methods, and redemption processes. Given TRUMP’s relatively short history and high volatility typical of memecoins, the SEC may proceed cautiously.
Canary has also moved to register a similar ETF for another memecoin — PENGU.
TRUMP token reaction
The Official Trump token currently boasts a market capitalization near $1.9 billion, ranking as the sixth-largest memecoin. It has been a hub of speculative trading activity. Following the Delaware news, TRUMP spiked more than 10% to $10.13 — its highest in weeks — though it remains down over 86% from January’s record high of $73.43.
