Thursday Nov 13 2025 06:10
2 min
Canary Capital has submitted a filing to the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) that tracks the price of a memecoin called Mog Coin, briefly boosting the price of the relatively unknown token. In its regulatory filing, Canary stated that its ETF would hold Mog Coin (MOG), which it described as a memecoin "associated with the ‘Mog’ internet meme.""
Due to its connection to the ‘Mog’ meme culture and its community-driven branding, some consider MOG both a cultural statement and a digital collectible. Asset managers have recently increased their filings with the SEC for ETFs tied to increasingly speculative crypto tokens. The regulator approved generic ETF listing standards in September that reduced barriers to launching crypto products.
Mog Coin is worth fractions of a cent and has fallen over 80% in the last 12 months. However, Canary’s filing caused its price to temporarily surge before settling to a 5.5% gain in the past day. The token’s value was under $140 million earlier on Wednesday before peaking at over $169.5 million following Canary’s filing. It has settled to a market value of $146.3 million.
Nansen data shows that the token was created in July 2023, and just over 39,000 wallets currently hold MOG, with the 100 largest token holders controlling 53% of its supply. Canary also reported that MOG promoters and its community "have not announced any specific blockchain-based utility for MOG beyond its branding and cultural associations."
The company added that "there is no guarantee such uses or benefits will materialize or that the cultural goodwill surrounding MOG will grow or be sustained over any period of time."
Canary said the ETF may hold up to 5% of its assets in Ether (ETH) to help pay for transaction fees on the blockchain, as the token is native to the network.
Canary has also filed to launch several ETFs tracking altcoins, including one that tracks SEI, the native token of the Sei network, and Official Trump (TRUMP), President Donald Trump’s memecoin.
Last month, the asset manager launched ETFs tied to Hedera (HBAR) and Litecoin (LTC). Its bid for an XRP (XRP) ETF could hit the market as early as Thursday, which would make it the first in the U.S. to directly hold the token. The SEC is now expected to resume its review process for crypto ETFs after Trump signed a funding bill passed by the House on Wednesday, ending a 43-day government shutdown – the longest in history.
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