The investment firm behind the first U.S. spot XRP ETF is pushing deeper into crypto's speculative frontier with a new filing for an exchange-traded fund tracking MOG Coin - a cat-themed memecoin born from internet culture and TikTok trends.
Canary Capital Group submitted registration documents to the U.S. Securities and Exchange Commission on Wednesday for the Canary MOG ETF, which would provide direct exposure to MOG held in trust, minus operating costs. The filing marks the first attempt to bring a memecoin of MOG's scale into regulated ETF format.
"The Trust's investment objective is to seek to provide exposure to the price of MOG Coin held by the Trust, less the expenses of the Trust's operations and other liabilities," according to Canary's SEC registration statement.
The proposed ETF structure mirrors the approach used for spot Bitcoin and Ethereum funds, which have attracted billions in institutional capital since launching in 2024. U.S. Bank has been selected as cash custodian, with CSC Delaware Trust Company handling fiduciary oversight and U.S. Bancorp Fund Services managing transfer agency functions.
What Is MOG Coin?
MOG operates as an ERC-20 token on the Ethereum blockchain, designed around the "Mog" internet meme culture. Launched in July 2023, the token experienced explosive growth through 2024, reaching an all-time high of $0.00000405 in December before collapsing alongside broader memecoin sector weakness.
Currently ranked 256th by market capitalization at roughly $136 million, MOG has plunged approximately 91% from its peak. The token holds 390 trillion coins in circulation from a maximum supply of 420 trillion - numbers that reflect typical memecoin tokenomics emphasizing community distribution rather than scarcity.
In its filing, Canary describes MOG as both a "memecoin" and a "cultural statement," noting its roots in TikTok meme culture where it functions as part digital collectible, part social identity marker. The company acknowledges that "the promoters and community associated with MOG have not announced any particular blockchain-based utility for MOG beyond its branding and cultural associations."
Because MOG depends on Ethereum for transaction processing, the ETF may hold up to 5% of its assets in ETH to cover network fees and operational costs.
Canary's Aggressive ETF Strategy
The MOG filing represents Canary Capital's latest move in an ambitious campaign to establish crypto ETF products across multiple asset classes. The timing coincides with the launch of Canary's spot XRP ETF on Nasdaq's exchange under ticker XRPC on Thursday, November 13 - making it the first spot XRP product to trade in traditional U.S. markets.
Canary CEO Steven McClurg predicted the XRP fund could potentially outperform Solana's debut ETF, which saw $56 million in first-day trading volume when it launched in October. The 0.50% management fee positions XRPC alongside other crypto ETF products, though competitors like Bitwise offer XRP exposure at 0.34%.
Last month, Canary also launched ETFs tracking Litecoin and HBAR, tokens associated with the Hedera network. This rapid-fire product rollout reflects the firm's strategy to capture first-mover advantages across diverse crypto segments before larger asset managers dominate market share.
The approach capitalizes on updated SEC guidance released in July under crypto-friendly Chairman Paul Atkins, which removed procedural barriers that previously required lengthy case-by-case reviews for crypto ETF listings. Asset managers can now use the "auto-effective" registration path under Section 8(a) of the Securities Act of 1933, triggering automatic approval unless regulators explicitly object within 20 days.
The Memecoin ETF Question
Whether the SEC will approve a MOG ETF remains uncertain—and potentially sets precedent for how regulators treat memecoins within traditional financial products. While the agency has greenlit spot Bitcoin and Ethereum ETFs, it has yet to approve funds tracking purely community-driven tokens without underlying utility.
The filing flood accelerated dramatically in early 2025 following President Donald Trump's inauguration and appointment of Atkins to lead the SEC. Within days of Trump launching his own $TRUMP memecoin in January, REX-Osprey and other firms filed ETF applications to track it - along with proposals for Dogecoin, BONK, and other memecoins.
More than 92 crypto ETF applications are currently pending before the SEC, spanning infrastructure tokens like Solana and XRP to speculative memecoins. Bloomberg ETF analyst Eric Balchunas gives Dogecoin ETFs a 75% approval probability, citing the token's decade-long track record and relatively deep liquidity compared to newer memecoins.
MOG faces steeper odds. With a market cap below $200 million and daily trading volume around $15 million, the token lacks the liquidity depth that regulators typically require for spot ETF approvals. ETF Store President Nate Geraci warned that even a friendlier SEC might draw hard lines on memecoin ETFs, given their extreme volatility and lack of fundamental value drivers.
Final thoughts
MOG's price jumped 8.44% in the 24 hours following Canary's filing announcement, with trading volume surging 155% as speculators positioned for potential approval. The token remains highly volatile, recording 11 positive days out of the past 30 with 18.29% price volatility.
Technical analysts note MOG still trades within a bearish pattern despite short-term pumps around news events. The token would need to reclaim the $0.0000013 resistance level to signal genuine trend reversal, though most price prediction models suggest continued consolidation through 2025.
For institutional investors and wealth managers, the MOG filing represents another test of appetite for extreme-risk crypto exposure through regulated vehicles. Spot Ethereum ETFs have significantly underperformed Bitcoin products in terms of flows and interest, suggesting a steep drop-off in demand as ETFs move further from established crypto assets.
"Nothing will compare to bitcoin. We have a little saying on the team: 'The further away you get from btc, the less assets there will be,'" Balchunas noted in recent commentary on the altcoin ETF wave.
Whether Canary's MOG gambit succeeds or fails, it illustrates how dramatically the crypto ETF landscape has shifted under the current administration. Asset managers are testing regulatory boundaries at unprecedented speed, filing for products that would have been dismissed outright just months ago under former SEC Chair Gary Gensler.
The question now isn't whether exotic crypto ETFs will eventually launch - it's which tokens clear regulatory hurdles first, and whether actual investor demand materializes once the products hit exchanges. For MOG holders hoping for mainstream legitimacy, the coming months will reveal whether meme culture translates into institutional capital flows or remains confined to speculative corners of crypto markets.