Canary Capital Files S-1 for First Memecoin ETF Tracking MOG Coin

Canary Capital Group, a prominent investment firm, has filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) , for the Canary MOG ETF—the first proposed exchange-traded fund to track the Ethereum-based memecoin MOG. This filing represents a bold step into the meme coin space, potentially bringing regulated exposure to one of the sector’s rising stars.

The Canary MOG ETF: Structure and Mechanics

The Canary MOG ETF would hold MOG tokens in secure cold storage, mirroring the spot price through a volume-weighted average price (VWAP) benchmark. Authorized participants could create or redeem shares using in-kind (MOG tokens) or cash methods, ensuring liquidity and alignment with the underlying asset. The fund aims to provide investors with convenient access to MOG’s performance without the complexities of direct cryptocurrency ownership, such as wallet management or private key security.

This structure follows Canary’s recent successes in the crypto ETF arena, including the launch of the first spot XRP ETF, which saw $36 million in trading volume shortly after debut. The MOG ETF filing signals Canary’s expanding appetite for innovative digital assets, targeting the growing interest in meme coins as cultural and speculative phenomena.

• Asset Holding: MOG in cold storage; VWAP for pricing.
• Creation/Redemption: In-kind or cash; authorized participants only.
• Market Cap Tracked: MOG’s $165 million (rank #195).

MOG Coin: From Meme Origins to $165 Million Market Cap

MOG, launched in July 2023 on Ethereum, is a memecoin inspired by internet culture and a cartoon cat mascot, embodying the playful spirit of the sector. With a total supply of 390.57 trillion tokens, MOG has cultivated a dedicated community through viral marketing and meme-driven engagement, achieving a $165 million market cap and ranking as the 195th-largest cryptocurrency. Its decentralized, community-led model has driven steady growth, with 24-hour trading volume exceeding $10 million amid broader market volatility.

The token’s appeal lies in its lighthearted narrative, contrasting with utility-focused assets, while maintaining resilience through strong holder distribution. Canary’s ETF proposal could elevate MOG’s visibility, potentially attracting institutional interest to the meme coin category.

Canary Capital’s ETF Strategy: From XRP to Meme Coins

Canary Capital has positioned itself as a trailblazer in crypto ETFs, with the recent debut of the first spot XRP ETF generating $36 million in initial volume. The MOG filing extends this momentum into memecoins, a segment valued at $50 billion+ in 2025, highlighting Canary’s willingness to innovate across asset classes. CEO Steven McClurg noted: “Meme coins represent a unique cultural phenomenon with real market depth—our ETF provides a regulated entry point for investors.”

This follows a wave of ETF approvals, with the SEC’s generic standards accelerating filings. If approved, the Canary MOG ETF could launch in Q1 2026, joining Bitcoin and Ethereum spot products.

Implications for Memecoins and Investors

The filing underscores meme coins’ maturation, with MOG’s $165 million cap signaling mainstream potential. For investors, it offers diversified exposure to high-volatility assets via regulated vehicles, potentially reducing risks like rug pulls. The broader market, with $2.1 trillion cap, sees meme coins as sentiment drivers, with 20% of 2025 volume from SHIB and DOGE.