A report filed with the SEC indicates that the asset manager has submitted the S-1 form for its Trump Coin ETF. The fund will seek to offer institutional investors exposure to the meme coin Solana, linked to the U.S. president.
This development comes after Canary registered the ETF in Delaware, demonstrating the firm's intention to offer this meme coin ETF. Consequently, CSC Delaware Trust Company will be the trustee of the fund. On the other hand, Canary did not mention the fund's custodian.
With the S-1 application in place, it is likely that an exchange will submit a 19b-4 application to list and trade shares of the Trump Coin ETF. This will officially initiate the review process, in which the SEC must approve or deny the proposed regulatory change.
Meanwhile, this latest cryptocurrency ETF application adds to a series of cryptocurrency-related applications that Canary has already submitted, seeking to offer exposure to various crypto assets. The asset manager submitted an application yesterday for a U.S.-made cryptocurrency ETF.
This fund will invest in coins originating from the U.S., primarily minted in the U.S. or whose protocol is effective in the country. This means that this fund could also invest in Trump Coin, which falls into these three categories.
Trump Coin rose following the filing of Canary's S-1 form. TradingView data shows that the leading meme coin, Solana, is currently trading around $8.34, an increase of nearly 2% in the last 24 hours.
In a post by X, Bloomberg analyst James Seyffart noted that this is the first cash investment application based on Law 33 for Trump Coin. Rex-Osprey and Tuttle had already applied for a Trump Coin ETF, but this was under Law 40.
Meanwhile, TRUMP coin is now the third meme coin that has an existing ETF application under Law 33. Canary Capital has submitted an application to offer a PENGU ETF, while asset managers like Grayscale and Bitwise have submitted applications to offer ETFs for the leading meme coin, Dogecoin.
It is worth mentioning that the ETF applications for Dogecoin and PENGU are well advanced in the review process and could even receive SEC approval in October. The SEC is also likely to approve other cryptocurrency ETFs, such as those for Solana and XRP, by that date.
