- Canary Capital is executing a two-pronged strategy, launching its spot XRP ETF ($XRPC) on Nasdaq this week while simultaneously filing for a spot MOG ETF.
- The $XRPC fund, the first U.S. spot XRP ETF, is set to trade on Thursday with a 0.50% management fee.
- The MOG filing is the first U.S. attempt to list a spot memecoin ETF, causing MOG’s market cap to spike to $169.5M.
Canary Capital Group LLC is executing an aggressive, two-pronged institutional strategy. The asset manager is set to launch its highly-anticipated spot XRP ETF on Nasdaq today, while simultaneously filing with the SEC to launch the first-ever spot MOG ETF, a fund tied to the Mog Coin (MOG) memecoin.
Related: Canary’s XRP Spot ETF Becomes Effective After Nasdaq Certification
The ‘Culture’ Prong: Canary Files for First Spot MOG ETF
In a move that caught the market by surprise, Canary Capital submitted its MOG ETF filing to the SEC on November 12. This is the first formal attempt to list a U.S. ETF tied directly to a memecoin’s spot price. Right after the filing, MOG Coin’s price saw a sharp 6% surge, as per CoinMarketCap data.
The token’s market capitalization climbed from $140 million to $169.5 million before settling near $146.3 million. According to Nansen data, around 39,000 wallets currently hold MOG, with the top 100 controlling over 53% of the supply.
The proposed ETF will operate as a trust structure, following the framework used for spot Bitcoin and Ethereum ETFs. It will hold actual MOG tokens in custody, allowing investors to gain regulated exposure to MOG through traditional brokerage accounts without relying on futures contracts.
The fund will issue and redeem shares in large blocks backed by MOG or equivalent cash. In its SEC filing, Canary described MOG as an Ethereum-based community token tied to the “Mog” meme, highlighting its social and cultural significance rather than technological utility.
The filing also noted that up to 5% of the fund’s assets could be held in Ether (ETH) to cover on-chain transaction costs. Canary warned, however, that the MOG ecosystem “have not announced any particular blockchain-based utility for MOG beyond its branding and cultural associations,” adding that there is no guarantee the cultural goodwill surrounding MOG is sustainable.
The ‘Utility’ Prong: $XRPC Spot ETF to Debut on Nasdaq
Canary Capital’s XRP ETF is also set to begin trading on the Nasdaq today, November 13, under the ticker XRPC. The XRP fund, the first US spot XRP ETF approved under the Securities Act of 1933, offers direct exposure to XRP without futures contracts and carries a 0.50% management fee.
Nasdaq confirmed that the ETF received full SEC certification. The approval came as US government operations faced disruptions, thanks to updated SEC guidance allowing S-1 filings without delaying amendments.
Related: XRP ETF Launch From Canary to Trigger Billions In Demand As Exchange Supply Stays Thin
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Source: https://coinedition.com/xrp-etf-xrpc-nasdaq-launch-canary-capital-now-files-spot-mog-etf/
