Canary Capital is expanding 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 company filed a registration statement on Wednesday for the Canary MOG ETF, aiming to provide direct exposure to the price of MOG held by the trust, less operating expenses.
MOG sits well outside the large-cap universe, ranking 339th by market value with a capitalization of approximately $170 million. Issued on Ethereum, the token is described in Canary’s filing as a memecoin and a “cultural statement,” reflecting its roots in the “Mog” meme and a community that treats the asset as part digital collectible and part social identity.
However, prices tell a harsher story: MOG is down 78% over the past year as the broader memecoin sector shakes off 2024 highs.
The filing is indicative of Canary’s strategy to build a long-tail product suite.
The company launched ETFs linked to Litecoin and HBAR last month. It will offer an exclusive spot XRP ETF later on Thursday, taking advantage of updated SEC guidance that allows new products to come to market without direct approval from the agency during the current government shutdown.
President Donald Trump’s appointment of pro-cryptocurrency 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 stance 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 favored by retail brokers and wealth management platforms.
Whether the lawsuit materializes is another question, but the filing shows that broadcasters are betting that meme culture still has enough staying power to justify its own ticker.
