Firm Behind First U.S. Spot XRP ETF Files for MOG Fund

What to know:

• Canary Capital has filed for an ETF tied to MOG Coin, a cat-themed memecoin influenced by TikTok culture.
• MOG Coin, ranked 339 by market value, is down 78% over the past year as the memecoin sector declines.
• The filing reflects Canary's strategy to expand its niche crypto product offerings, following recent launches of ETFs for Litecoin and HBAR.

Canary Capital is widening its bet on niche crypto assets with a new filing for an exchange-traded fund tied to MOG Coin, a cat-themed memecoin born from TikTok culture. The firm submitted a registration statement on Wednesday for the Canary MOG ETF, aiming to offer direct price exposure to MOG held by the trust, minus operating expenses. MOG sits far outside the large-cap universe, ranked 339th by market value with a capitalisation of roughly $170 million. Issued on Ethereum, the token is described in Canary's filing as both a memecoin and a "cultural statement," reflecting its roots in the "Mog" meme and a community that treats the asset as part digital collectable, part social identity.

Prices, however, tell a harsher story — MOG is down 78% over the past year as the broader memecoin sector unwinds from 2024's highs.

The filing is indicative of Canary's strategy to build a long-tail product suite. The firm launched ETFs tied to Litecoin and HBAR last month. It will offer a pure-play spot XRP ETF later on Thursday, leveraging updated SEC guidance that allows new products to come to market without direct agency sign-off during the ongoing government shutdown.

President Donald Trump's appointment of crypto-supportive regulator Paul Atkins to lead the agency has accelerated rulemaking around digital assets and led to the approval of new listing standards for specialized ETFs — a significant shift from the SEC's posture just two years ago.

If approved, the MOG ETF would add another layer to the current wave of hyper-specific crypto exposure products, bringing an obscure meme asset into a regulated wrapper increasingly favoured by retail brokers and wealth management platforms.

Whether demand materializes is another question — but the filing shows issuers are betting that meme culture still has enough staying power to justify a ticker of its own.