Canary Capital has filed to launch an exchange-traded fund (ETF) to track the price of a memecoin called Mogcoin, temporarily boosting the price of this little-known token.
Canary said in a regulatory filing with the U.S. Securities and Exchange Commission on Wednesday that its ETF will hold Mogcoin (MOG), which it describes as a meme coin “associated with the internet meme ‘Mog.'”
“Due to its association with ‘Mog’ meme culture and its community-driven branding, some consider MOG to be both a cultural statement and a digital collector’s item,” Canary said in the application.
Asset managers have flooded the SEC with ETF applications related to increasingly speculative crypto tokens, and regulators in September approved general-purpose ETF listing standards that lower barriers to launching crypto products.
MOG rises due to ETF application
Mogcoin is worth just a few cents and has fallen over 80% in the past 12 months. However, Canary’s filing caused prices to briefly spike, before settling down to a 5.5% increase over the past day.
The value of the token was valued at less than $140 million early Wednesday, but the Canary filing has seen it jump to an all-time high of more than $169.5 million. The market value has since settled at $146.3 million.
The token was created in July 2023 and more than 39,000 wallets currently hold MOG, with the 100 largest token holders controlling 53% of its supply, according to Nansen data.
Canary said the promoters and community associated with MOG “have not announced any specific blockchain-based utility for MOG beyond branding or cultural relevance.”
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It added: “There can be no assurance that such uses or benefits will be realized or that the cultural goodwill surrounding MOG will grow or be maintained over any period of time.”
Canary said that because the tokens are network-specific, ETFs may need to hold up to 5% of their assets in ether (ETH) to pay transaction fees on the blockchain.
SEC begins review of speculative crypto ETFs
Canary has filed to launch a number of ETFs tracking altcoins, including one tracking SEI, the SEI network’s native token, and Official Trump (TRUMP), President Donald Trump’s meme coin.
Last month, the asset manager launched ETFs tied to Hedera (HBAR) and Litecoin (LTC), and bids for the XRP (XRP) ETF could be launched as early as Thursday, making it the first U.S. to own the token directly.
The SEC is expected to restart its review process for crypto ETFs after Trump signed the House-passed funding bill on Wednesday, ending a 43-day government shutdown, the longest in history.
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