Digital asset manager Canary Capital has filed to launch an exchange-traded fund (ETF) that would track the price of the $TRUMP meme coin, a cryptocurrency closely tied to U.S. President Donald Trump.
If approved by the Securities and Exchange Commission (SEC) — led by Chair Paul Atkins, who has recently adopted a softer stance on crypto — the ETF could begin trading in the coming months. The move highlights the growing intersection of politics, speculation, and cryptocurrency markets.
Meme Coins Meet Wall Street
Meme coins such as $TRUMP derive their value from cultural relevance and online buzz rather than traditional fundamentals or technological utility. While highly volatile, they can deliver outsized returns for investors willing to stomach the risks.
Launched just three days before Trump’s inauguration in January, the $TRUMP coin quickly went viral on social media. A Reuters analysis in July revealed that major crypto exchanges rushed to list it faster than other meme tokens, reflecting the hype around the politically charged asset.
Ethical Questions and Industry Criticism
The $TRUMP token has not been without controversy. Ethics experts argue it creates a potential conflict of interest for the president, while business leaders claim memecoins damage the credibility of the broader crypto sector.
The White House has rejected these concerns, insisting that Trump’s assets are managed in a family trust and that there is “no conflict of interest.”
“The Trump memecoin ETF proposal exemplifies the speculation that is distracting from blockchain’s real potential,” said David Roos, partner at venture capital firm Core Innovation Capital.
Canary’s Pitch: Exposure Without Direct Holding
According to Canary Capital, the ETF would give investors exposure to the $TRUMP coin without the need to hold it directly, something the firm says could be more efficient for certain portfolios. However, Canary did not disclose expected fees or specify which exchange would list the ETF.
The filing also comes just a day after Canary submitted paperwork for another U.S.-focused crypto ETF, signaling the firm’s growing ambition to capture investor demand in the regulated crypto investment space.
