Canary Capital files for spot MOG ETF as XRP fund hits Nasdaq

Canary Capital has taken another step in its crypto exchange-traded fund expansion, filing with the Securities and Exchange Commission for a new product tied to a memecoin.

Summary

• Canary Capital filed to launch the first U.S. spot ETF tracking MOG Coin.
• Filing coincides with the launch of Canary’s spot XRP ETF on Nasdaq.
• New Treasury guidelines open path for staking in Solana and Ethereum ETFs.

Canary Capital Group LLC has filed an application with the U.S. SEC to launch the Canary MOG ETF, a fund that would track the price of MOG Coin. 

The filing, made on Nov. 12, marks a significant attempt to list a U.S. ETF tied directly to a memecoin. The fund will hold actual Mog Coin (MOG) tokens in custody rather than using futures contracts.

Inside the Canary Capital’s MOG ETF filing

The ETF will operate as a trust, similar to approved Bitcoin and Ethereum spot funds, giving investors regulated access to MOG through regular brokerage accounts. Its goal is to reflect MOG’s spot market price while accounting for management costs. 

MOG is defined as an Ethereum token that is socially driven and tied to meme culture rather than traditional blockchain functionality. According to the filing, the ETF will issue and redeem shares in large blocks backed by MOG or equivalent cash, making it accessible to both institutions and retail traders.

Since the MOG ETF is not a traditional investment fund, it is exempt from the 1940 Investment Company Act. Rather, it will adhere to the same framework as other spot crypto ETFs. 

Crypto ETF momentum grows

The MOG ETF filing comes as the U.S. crypto ETF market accelerates following recent regulatory activity. Canary’s XRP ETF is set to begin trading on Nasdaq on Nov. 13, marking the first U.S. spot XRP ETF under the Securities Act of 1933. The fund offers direct exposure to XRP without futures contracts and charges a management fee of 0.50%. 

Elsewhere, Solana ETFs from Bitwise and Grayscale, launched in October, have seen strong demand, now holding over $500 million in assets. The U.S. Treasury’s new Revenue Procedure 2025-31, issued on Nov. 10, provides a path for spot crypto ETFs to stake proof-of-stake assets like SOL and ETH. This might offer potential yields of 5–7%.