Canary Capital is doubling down on its strategy of targeting niche digital assets, filing paperwork on Wednesday for an exchange-traded fund tied to MOG Coin — a cat-themed memecoin born from TikTok culture.
The proposed Canary MOG ETF would hold MOG directly, offering investors spot exposure to the token’s price movement after fees.
MOG remains far from the major-cap landscape. The Ethereum-based token ranks 339th by market value at roughly $170 million. In its filing, Canary characterizes MOG as both a memecoin and a “cultural statement,” reflecting the community’s attachment to the “Mog” meme and its blend of digital collectible and online identity.
Despite its strong community presence, MOG’s market performance has been harsh. The token has fallen 78% over the past year as the memecoin rally of 2024 continues to unwind.
The new filing fits Canary’s broader plan to develop a long-tail suite of crypto ETFs. Last month, the firm launched funds tied to Litecoin and HBAR, and on Thursday it will debut a pure-play spot XRP ETF. The launches take advantage of updated SEC guidance that permits new listings during the government shutdown without direct approval.
Regulatory shifts have accelerated under President Donald Trump, whose appointment of crypto-friendly Paul Atkins to lead the SEC has paved the way for specialized digital-asset ETF frameworks — a stark contrast from the agency’s restrictive posture just two years earlier.
If approved, the MOG ETF would add another highly targeted product to the growing roster of crypto-themed funds, placing a niche meme token inside a regulated structure increasingly embraced by retail brokerages and advisory platforms.
Whether investor appetite emerges remains to be seen, but the filing reflects issuers’ confidence that meme-driven assets still carry enough cultural momentum to warrant a ticker of their own.
