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 submitted a registration statement for the Canary MOG ETF on Wednesday, seeking to provide direct exposure to the price of MOG held by the trust, less operating expenses.
MOG sits well outside the large-cap universe, ranked 339th in terms of market value with a capitalization of around $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 a digital collectible and social identity.
Prices, however, 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 create a long-tail suite of products.
The company launched ETFs linked to Litecoin and HBAR last month. It will offer a pure-play XRP ETF later Thursday, taking advantage of updated SEC guidance that allows new products to come to market without direct agency approval during the ongoing government shutdown.
President Donald Trump’s appointment of crypto-friendly regulator Paul Atkins to head the agency accelerated rulemaking regarding digital assets and led to the approval of new listing standards for specialty ETFs — a significant change from the SEC’s position just two years ago.
If approved, the MOG ETF would add another layer to the current wave of hyper-specific crypto exposure products, integrating an obscure meme asset into a regulated package increasingly favored by retail brokerages and wealth management platforms.
Whether demand materializes is another question — but the record shows that issuers are betting that meme culture still has enough staying power to warrant its own ticker.
