Canary Capital has officially registered the Canary Trump Coin ETF in Delaware, paving the way for what could potentially become the first U.S. exchange-traded fund tracking the official Trump memecoin.
On Wednesday, the registration appeared on the Delaware State Department’s website. The filing establishes a statutory trust—a legal structure commonly used for launching crypto ETFs under the Securities Act of 1933—indicating that the firm is preparing for a full submission with the U.S. Securities and Exchange Commission.
Is a Trump Coin ETF coming?
The Delaware registration doesn’t ensure the ETF will launch, but it represents a key initial step toward its potential rollout.
Bloomberg ETF analyst Eric Balchunas noted that Canary appears to be positioning itself to launch the first Trump Coin ETF under the ’33 Act, taking a different approach than Tuttle Capital, which has pursued ’40 Act filings for its Trump and Melania coin ETFs.
The ’33 Act structure is typically applied to crypto ETFs focused on a single asset, where the fund directly holds the token rather than a diversified mix of cryptocurrencies.
Earlier this year, Osprey Funds and REX Shares also revealed plans for a TRUMP ETF, submitting their proposals in January.
What’s next?
By registering a statutory trust in Delaware, Canary creates the legal entity that would hold the ETF’s assets and issue shares to investors.
The next critical step would be submitting an S-1 registration statement with the SEC under the ’33 Act.
Even if Canary files the S-1 quickly, approval could take several months. Recent spot crypto ETFs — including those for Bitcoin and Ethereum — underwent lengthy reviews and extensive negotiations on issues like market surveillance, pricing benchmarks, and redemption processes.
Given the token’s short trading history and the inherent volatility of memecoins, a Trump Coin ETF could encounter additional challenges during the approval process.
Canary has also filed to launch an ETF tracking another memecoin, PENGU.
Official Trump token rallies
Market data shows that the Official Trump (TRUMP) token has a market capitalization of roughly $1.9 billion, making it the sixth-largest memecoin and a popular target for speculative trading.
Following news of the Delaware registration, TRUMP surged more than 10% to a multi-week high of $10.13. Despite the rally, it remains over 86% below its all-time peak of $73.43, reached in January shortly after its launch.
