Companies supporting first U.S. Spot XRP ETF application to MOG Fund

Canary Capital is broadening its bet on niche crypto assets with the filing of a new exchange-traded fund tied to MOG Coin, a cat-themed meme coin born out of TikTok culture.
The company on Wednesday filed a registration statement for the Canary MOG ETF, which aims to provide direct price exposure to MOG held by the trust, net of operating expenses.
MOG is well outside the large-cap world, ranking 339th in terms of market capitalization with a market capitalization of approximately $170 million. The token, issued on Ethereum, is described in Canary’s filing as both a meme coin and a “cultural statement,” with its roots reflected in the “mog” meme and a community that treats assets as part digital collectible and part social identity.

But prices tell a more bleak picture. MOG has fallen 78% over the past year as the broader memecoin sector unwinds from its 2024 highs.

The filing demonstrates Canary’s strategy to build a long-tail product suite.
Last month, the company launched an ETF related to Litecoin and HBAR. The company plans to offer a pure spot XRP ETF later on Thursday, taking advantage of the latest SEC guidance that allows new products to be brought to market without direct government approval during the ongoing government shutdown.

President Donald Trump’s appointment of Paul Atkins to lead the crypto-assistance regulator has accelerated rule-making around digital assets and led to the approval of new listing standards for specialized ETFs. This is a significant change from the SEC’s stance just two years ago.

If approved, the MOG ETF would add a new layer to the current wave of highly specialized crypto exposure products, bringing obscure meme assets into a regulated wrapper increasingly favored by retailers and asset management platforms.

Whether demand materializes is another question, but the filing shows the publisher is betting that meme culture still has enough staying power to warrant its own ticker.