Canary Capital filed to launch an exchange-traded fund (ETF) that tracks the price of a memecoin called Mog Coin, briefly driving up the price of the little-known token.
In a regulatory filing with the U.S. Securities and Exchange Commission on Wednesday, Canary said its ETF would hold Mog Coin (MOG), which it described as a memecoin “associated with the ‘Mog’ internet meme.”
“Due to its association with ‘Mog’ meme culture and its community-driven brand, MOG is considered by some to be both a cultural statement and a digital collector’s item,” Canary said in its presentation.
Asset managers have flooded the SEC with ETF filings tied to increasingly speculative crypto tokens, and the regulator approved generic ETF listing standards in September that lowered barriers to launching crypto products.
MOG rises after ETF filing
Mog Coin is worth just fractions of a cent and is down more than 80% in the last 12 months. However, Canary’s introduction briefly caused its price to spike, which has since stabilized at a 5.5% gain over the past day.
The token was worth less than $140 million on Wednesday, before jumping to a high of more than $169.5 million at Canary’s filing. Since then, it has settled at a market value of $146.3 million.
Nansen data shows that the token was created in July 2023 and just over 39,000 wallets currently hold MOG, with the top 100 token holders controlling 53% of its supply.
Canary said that promoters and the community tied to MOG “have not announced any particular blockchain-based utilities for MOG beyond its brand and cultural associations.”
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He added that “there was no guarantee that such uses or benefits would be realized or that the cultural goodwill surrounding MOG would grow or be sustained over any period of time.”
Canary said the ETF may also have to hold up to 5% of its assets in Ether (ETH) to help pay transaction fees on the blockchain, since the token is native to the network.
SEC Prepares to Review Speculative Crypto ETFs
Canary has filed to launch a number of ETF-tracking altcoins, including one that tracks SEI, the Sei network’s native token, and Official Trump (TRUMP), President Donald Trump’s memecoin.
Last month, the asset manager launched ETFs linked to Hedera (HBAR) and Litecoin (LTC) and its offering for an XRP ETF (XRP) could hit the market as soon as Thursday, making it the first in the US to directly own the token.
The SEC is now expected to resume its review process of crypto ETFs after Trump signed a funding bill passed by the House on Wednesday, ending a 43-day government shutdown, the longest in history.
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