Canary Capital Files for ETF Tracking Memecoin ‘Mog Coin’

Canary Capital has filed with the U.S. SEC to launch an ETF tracking Mog Coin, a memecoin inspired by the internet “Mog” meme. In its filing submitted Wednesday, the company described Mog Coin (MOG) as a digital asset “associated with the ‘Mog’ internet meme.”

Canary noted the token’s role as a “community-driven cultural statement and digital collector’s item.” It acknowledged that MOG’s appeal largely stems from its meme-based branding rather than any established technological utility.

“Because of its association with the ‘Mog’ meme culture and its community-driven branding, some consider MOG both a cultural statement and a digital collector’s item,” the filing stated.

MOG Rises After ETF News

Despite being worth only fractions of a cent, MOG’s price briefly surged following the ETF announcement. The token, which had fallen more than 80% over the past year, spiked in value before settling at a 6.5% gain over the past 24 hours. 

According to latest data, Mog Coin’s market capitalization jumped from under $140 million earlier on Wednesday to a peak of $169 million, before stabilizing around $154 million. The token, created in July 2023, is held by roughly 39,000 wallets, with the top 100 holders controlling over half of its total supply. 

Canary noted in its filing that MOG’s community has not announced any concrete blockchain-based use cases. “There is no guarantee such uses or benefits will materialize or that the cultural goodwill surrounding MOG will grow or be sustained,” the firm cautioned.

Canary added that the ETF may need to allocate up to 5% of its assets in Ether (ETH) to cover on-chain transaction fees, since MOG operates on the Ethereum network.

SEC to Review Wave of Speculative Crypto ETFs

Canary Capital has been particularly active in the crypto ETF space, having filed similar proposals tied to other altcoins such as SEI, Hedera, Litecoin, and even “Official Trump,” a memecoin named after President Donald Trump. 

The firm also plans to launch an ETF directly holding XRP, which could become the first of its kind in the U.S. as early as Thursday.

The SEC is now expected to resume reviewing these crypto ETF applications after the U.S. government reopened this week, following Trump’s signing of a funding bill.