Canary Capital has submitted an application to launch an exchange-traded fund (ETF) tied to Mog Coin, a little-known memecoin, briefly driving up the token’s price.
In a filing with the US Securities and Exchange Commission (SEC) on Wednesday, Canary said the proposed ETF would hold Mog Coin — a cryptocurrency “associated with the ‘Mog’ internet meme.”
“Due to its ties to the ‘Mog’ meme culture and its community-driven appeal, some view MOG as both a cultural statement and a digital collectible,” the firm wrote in its filing.
The move comes amid a surge of ETF applications from asset managers seeking exposure to increasingly speculative crypto assets. The SEC’s approval of broader ETF listing standards in September has further lowered barriers to launching such products.
MOG Rises on Filing News
While Mog Coin trades for only fractions of a cent and has fallen more than 80% over the past year, news of Canary’s filing sent the token briefly higher. It has since stabilized, posting a 5.5% gain over the past 24 hours.
The token’s market value stood at under $140 million early Wednesday but surged to a peak of more than $169.5 million following Canary Capital’s ETF filing. It has since eased to around $146.3 million.
According to blockchain analytics firm Nansen, Mog Coin was created in July 2023 and is currently held by just over 39,000 wallets. The 100 largest holders control about 53% of the total supply.
Canary noted that the MOG community and its promoters “have not announced any particular blockchain-based utility for MOG beyond its branding and cultural associations.” The firm also cautioned 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.”
The filing further disclosed that the proposed ETF could allocate up to 5% of its assets to Ether to cover blockchain transaction fees, since Mog Coin operates on the Ethereum network.
SEC Set to Review Speculative Crypto ETFs
Canary has recently filed to launch several ETFs tracking alternative cryptocurrencies, including one tied to SEI, the native token of the Sei network, and another following Official Trump, a memecoin associated with former President Donald Trump.
Last month, the firm introduced ETFs linked to Hedera and Litecoin. Its proposed XRP ETF could debut as soon as Thursday, potentially making it the first U.S. fund to directly hold the token.
The SEC is now expected to resume reviewing crypto ETF applications after President Trump signed a funding bill passed by the House on Wednesday, ending a 43-day government shutdown — the longest in U.S. history.
