Canary Capital is expanding its bets on niche cryptoassets with a new filing for an exchange-traded fund tied to MOG Coin, a cat-themed memecoin born from the TikTok culture.
The firm filed a registration statement Wednesday for the Canary MOG ETF, which aims to offer direct price exposure to MOG, which is owned by the trust, minus operating costs.
MOG sits well outside the large-cap universe, ranked 339th by market capitalization with a capital value of about $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 collectible, part social identity.
However, prices tell a harsher story – MOG is down 78% over the past year as the broader memecoin sector unwinds from 2024 highs.
The filing is indicative of Canary’s strategy to build a long-tail product suite.
The firm launched ETFs linked to Litecoin and HBAR last month. It will offer a pure-play spot XRP ETF later Thursday that takes advantage of 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-supporting 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 marked shift from the SEC’s stance just two years ago.
If approved, the MOG ETF will add another layer to the current wave of hyper-specific crypto exposure products, bringing an obscure meme asset into a regulated package increasingly favored by retail brokers and wealth management platforms.
Whether the demand will materialize is another question — but the filing shows that issuers are betting that meme culture still has enough staying power to justify a ticker of its own.
