Canary’s Trump Coin ETF Trust registered in Delaware, TRUMP up over 10%

Canary Capital has registered the Canary Trump Coin ETF in Delaware, laying the foundation for what could become the first U.S. exchange-traded fund tracking the Official Trump memecoin.

On Wednesday, Canary’s registration for the Canary Trump Coin ETF went live on the Delaware State Department’s website. 

The filing sets up a statutory trust, the legal structure commonly used to launch crypto ETFs under the Securities Act of 1933, and signals that the firm is preparing to move toward a full submission with the U.S. Securities and Exchange Commission.

Is a Trump Coin ETF coming?

The Delaware registration doesn’t guarantee the ETF will launch, but it marks an important first step toward making it a reality.

Bloomberg ETF analyst Eric Balchunas said Canary seems to be lining up the first Trump Coin ETF under the ’33 Act, a different route from the ’40 Act filings that Tuttle Capital has made for its Trump and Melania coin ETFs.

The ’33 Act setup is usually used for crypto ETFs built around a single asset, where the fund holds the token itself instead of a mix of different coins.

Earlier this year, Osprey Funds and REX Shares also disclosed plans for a TRUMP ETF, filing their proposals in January.

What’s next?

By registering a statutory trust in Delaware, Canary establishes the legal entity that would hold the ETF’s assets and issue shares to investors.

After creating the statutory trust, the next major step would be filing an S-1 registration statement with the SEC under the ’33 Act. 

Even if Canary files the S-1 promptly, approval could take months. Recent spot crypto ETFs — including those for Bitcoin and Ethereum — faced long review periods and significant negotiations over market surveillance, pricing benchmarks, and redemption mechanisms.

Given the token’s relatively short trading history and memecoin volatility profile, approval of a Trump Coin ETF may face some hiccups.

Canary has also filed for an ETF tracking another meme coin, PENGU.

Official Trump token rallies

According to market data, the Official Trump (TRUMP) has a market capitalization of about $1.9 billion. It is the sixth-largest memecoin by market cap that has seen considerable speculative trading activity.

After reports of the Delaware registration surfaced, TRUMP rallied over 10% to a multi-week high of $10.13, but was still trading over 86% below its all-time high of $73.43 hit back in January after its launch.