Canary Capital is deepening its focus on niche digital assets with a newly submitted ETF proposal tied to MOG Coin, a TikTok-era memecoin centered around the “Mog” cat meme.
The firm filed paperwork on Wednesday for the Canary MOG ETF, which would give investors direct exposure to MOG held within the trust, minus operational costs.
Despite its cultural footprint, MOG remains a small-cap token. It ranks 339th by market value at around $170 million and is issued on Ethereum. In its filing, Canary describes MOG not only as a memecoin but also as a “cultural statement,” reflecting a community that treats the asset as part collectible and part expression of online identity.
The token’s performance tells a different story. MOG has fallen 78% over the past year as the broader memecoin landscape continues to retreat from the exuberance of 2024.
The filing aligns with Canary’s broader strategy to build out a long-tail suite of crypto ETFs. The firm recently introduced products tied to Litecoin and HBAR and is set to debut a spot XRP ETF on Thursday. Updated SEC procedures—introduced during the ongoing government shutdown—allow new ETF listings to move forward without direct agency sign-off.
Regulatory momentum has also accelerated under President Donald Trump, whose appointment of crypto-friendly Paul Atkins to lead the SEC has opened the door to specialized digital asset ETFs that previously struggled to gain approval.
If approved, the MOG ETF would add to the growing wave of narrowly focused crypto investment vehicles, wrapping a niche meme token in a regulated structure now favored by retail brokerages and wealth-management platforms.
Whether the product attracts meaningful demand remains unclear, but the filing signals that issuers believe meme-driven assets still hold enough cultural relevance to justify a dedicated ETF.
