Canary Capital’s MOG ETF Filing Gives Memecoin a Boost

Canary Capital has filed for an exchange-traded fund (ETF) tied to Mog Coin, a memecoin inspired by the online “Mog” meme. Disclosed in a regulatory submission to the U.S. Securities and Exchange Commission (SEC), the move has briefly fueled a price jump for the memecoin.

 

Limited Utility Cultural Token

The company described Mog Coin as a community-driven memecoin and “digital collector’s item” in the filing. The filing also noted that its identity is rooted in the cultural aesthetics of the Mog meme. While the token lacks traditional blockchain utility, the companies cited its cultural appeal and online following as central to its value proposition.

However, Canary Capital acknowledges that there is “no guarantee” that MOG’s cultural relevance or potential uses will grow. The company believes the EFT may hold up to 5% of its assets in Ether to cover blockchain transaction fees.

The ETF proposal comes as asset managers increasingly seek SEC approval for funds tied to speculative crypto assets. The SEC eased the path for such products in September. The agency has adopted genetic crypto ETF listing standards that have opened new opportunities to a wave of filings across the industry.

The Mog coin has had a turbulent year. The coin is priced at fractions of a cent and has fallen more than 80% over the past 12 months. However, Canary Capital’s filings have sparked a temporary rally for the coin. Mog’s market value has surged from under $140 million to more than $169 million at its peak.

The rally has since cooled down and has settled at roughly $146 million, a 5.5% gain over the past day. Nansen’s blockchain analytics show that Mog Coin is held by over 39k wallets. Launched in July 2023, the top 100 holders of the coin control 53% of the supply.

Canary’s latest proposal adds to a growing lineup of crypto ETF applications from the firm. It has sought approval for funds tied to a range of altcoins, including SEI, the Official Trump coin, Litecoin, and Hedera.

The SEC is now expected to restart its review of crypto ETF applications after President Donald Trump signed a funding bill to end the historic 43-day government shutdown.