Canary Capital Group has filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot exchange-traded fund (ETF) that would hold the TRUMP Coin (TRUMP), a Solana-based token linked to President Donald Trump.
The proposed “Canary TRUMP Coin ETF,” submitted in an S-1 filing on Tuesday, marks a bold move to bring one of the most prominent and volatile politically-themed meme coins to Wall Street. A second filing, called the 19b-4 and filed by the listing exchange, is needed to make the application official.
If approved, the fund would offer investors exposure to TRUMP through traditional brokerage accounts, without requiring them to self-custody the digital asset.
The move by Brentwood, Tennessee-based Canary Capital comes amid a shifting crypto regulatory landscape under the Trump administration. Recently, following the success of spot bitcoin, ether and solana ETFs, many other such vehicles have been proposed, including Dogecoin (DOGE), Chainlink (LINK) and Cardano (ADA).
‘Extreme volatility’
The filing candidly describes the memcoin as a class of cryptocurrency that “has no identified blockchain-based utility beyond its branding and association with President Donald J. Trump, and its market value is primarily driven by political affiliation, cultural relevance and online community sentiment.”
It also notes that since its launch in January 2025, the token’s value has been directly associated with President Trump, making it “both a political statement and a digital collector’s item.”
The TRUMP memecoin, which briefly exceeded $27 billion in reported market value shortly after launch, currently trades around $1.67 billion. The filing warns of extreme volatility, potential regulatory scrutiny, and the possibility of investors losing their entire principal.
However, if approved, the SEC’s decision on the Canary TRUMP Coin ETF will be a landmark one, potentially setting a precedent for how the agency views ETFs tied to highly speculative, politically-linked, and community-driven digital assets.
Read more: Canary Capital’s ETF Plans Took Shape Thanks to Trump