The ongoing intersection of traditional finance and digital assets has taken a new turn with Canary Capital Group’s filing for a spot exchange-traded fund (ETF) tied to $TRUMP coin.
On August 26, 2025, Canary Capital Group submitted an S-1 filing with the U.S. Securities and Exchange Commission (SEC) for a spot ETF based on the Solana-based $TRUMP Coin.
If approved, the "Canary $TRUMP Coin ETF" would allow investors to gain exposure to $TRUMP through traditional brokerage accounts without directly holding the token. The filing specifies that the trust will not use derivatives, leverage, or lending arrangements, instead holding $TRUMP directly to track its market price. A separate 19b-4 filing by the listing exchange will still be necessary before the application is considered complete.
The trust’s net asset value (NAV) would be determined daily using a pricing benchmark that aggregates data from multiple $TRUMP trading platforms. Like other digital assets, $TRUMP requires network fees for transfers on the Solana blockchain. To cover these costs, the trust may hold up to 5 percent of its assets in $SOL.
This isn't President Trump's first rodeo with crypto ETFs. Trump’s Truth Social filed an S-1 with the SEC on July 8 for a “Crypto Blue Chip ETF” aiming to offer fund-based exposure to Bitcoin, Ethereum, Solana, and XRP.
The $TRUMP Coin and Its Market Trajectory
$TRUMP was released in January 2025 with a total supply of 1 billion tokens. Of this, approximately 200 million were sold publicly, while 800 million were retained by entities affiliated with Trump. The token quickly surged to a market capitalization exceeding $14 billion before settling around $1.69 billion today, according to CoinGecko data. Its valuation remains closely tied to the political relevance and public persona of President Donald Trump. The S-1 filing explicitly acknowledges that the token has no utility beyond its branding and community significance, and it highlights the asset's extreme volatility and speculative nature.
The filing warns that investors could lose their entire principal, highlighting the risks associated with regulatory scrutiny and political sensitivities. Nevertheless, approval of the ETF would place the $TRUMP Coin alongside other high-profile digital assets now accessible through regulated fund structures, such as Bitcoin, Ethereum, and Solana.
Even with the filing, SEC approval is far from guaranteed. Bloomberg ETF analyst Eric Balchunas noted that futures-based ETFs typically precede spot ETFs for the same asset, which must trade for at least six months before a spot product can be considered. Since no $TRUMP futures product exists, the path forward is uncertain.
The analyst acknowledged the possibility that $TRUMP could eventually be included in a more diversified ETF offered by Canary under the 1940 Company Act. If the SEC approves the ETF, it would mark the first time a politically linked memecoin has received such recognition, potentially reshaping the regulatory outlook for similar proposals.
A Growing Wave of Memecoin ETF Filings
The Canary $TRUMP Coin ETF filing arrives amid a growing number of attempts to bring memecoins to traditional markets. In March 2025, Canary also filed for a Pudgy Penguins ETF, which would hold a mix of $PENGU tokens and Pudgy Penguins NFTs. In June, the Cboe filed a 19b-4 on Canary’s behalf for a $PENGU spot ETF, which represented the next step in the filing process. However, the SEC has delayed its decision on the Canary Spot $PENGU ETF, extending the decision deadline to October 12, 2025.
Other firms have also sought to package memecoins into ETFs. REX-Osprey has filed for products tied to $BONK, and $TRUMP, while Tuttle Capital recently moved forward with 2x leveraged ETFs that include $BONK, $TRUMP, and $MELANIA.
These efforts demonstrate how traditional financial institutions are increasingly experimenting with ways to incorporate culturally driven tokens into regulated investment products.
The Rise of Memecoin Digital Asset Treasuries
Parallel to ETF developments, Digital Asset Treasuries (DATs) have emerged as an alternative structure. Safety Shot, Inc. partnered with $BONK’s founding contributors to incorporate the memecoin into its treasury strategy. Thumzup Media Corporation, a Nasdaq-listed company, raised $50 million to expand into mining and multi-asset treasuries, including $DOGE.
DeFi Dev. Corp. CEO Joseph Onorati believes nearly every major token will soon have a DAT.
Speaking at the first Solana Live online event, he said: “Basically, anything in the top 100 that’s not a security or a stablecoin, and maybe even projects beyond the top 100, will likely have a DAT within the next six months,” underscoring how widespread the practice may soon become.
Brandon Potts, Partner at Framework Ventures, says most DATs are simply wrappers attempting to front-run ETF demand. Speaking with SolanaFloor, he noted that it’s unclear how many treasury vehicles the market truly needs, as each is bespoke in design. While current enthusiasm reflects bullish sentiment and a desire to take long-term positions in specific assets, Potts believes that ETFs will ultimately become the dominant vehicle for retail and passive flows once they are launched. In his view, many of today’s treasury plays are merely positioning ahead of that shift, and the market will eventually reach equilibrium.
A Turning Point for Memecoins?
The proposed $TRUMP Coin ETF highlights how quickly the boundaries of traditional finance are expanding to include unconventional assets. On one hand, the filing underscores investor demand for simplified exposure to speculative tokens. On the other hand, it raises questions about how regulators should treat assets whose value is tied more to cultural relevance and political branding than to utility or fundamentals.
Canary’s filing represents more than a product launch. It forces regulators, investors, and market participants to grapple with whether memecoins should be integrated into mainstream financial structures. The rise of both ETFs and DATs suggests that demand for such vehicles exists, even if their long-term viability remains uncertain.
Whether or not the SEC approves the Canary $TRUMP Coin ETF, the debate it sparks will likely shape the next chapter of crypto’s evolution on Wall Street. For now, the key question remains: are memecoin ETFs and DATs the new normal, or are they a temporary experiment driven by hype and cultural momentum?
Read More on SolanaFloor
Explosive Interest in Solana DATs Overshadowed by Systemic Risks
Pantera Capital Plans $1.25 Billion Raise For New Solana Treasury Company
How Jup Lend Makes Earning on Solana Super Easy!
