Canary Capital Group is expanding its presence in the U.S. crypto exchange-traded fund (ETF) market with a new filing aimed at memecoin investors.
On November 12, the firm submitted an application with the Securities and Exchange Commission (SEC) to launch the Canary MOG ETF, a fund designed to track the price of MOG Coin.
ETF structure and objectives
The proposed ETF will operate as a trust, holding actual MOG tokens in custody rather than using derivatives or futures contracts. This structure mirrors existing Bitcoin and Ethereum spot funds, offering regulated exposure to crypto assets through traditional brokerage accounts.
Shares will be issued and redeemed in large blocks backed by MOG or cash equivalents, allowing participation from both institutional and retail investors.
MOG Coin, an Ethereum-based token, is socially driven and tied to meme culture rather than conventional blockchain utility. According to the SEC filing, the fund’s objective is to reflect the spot market price of MOG while accounting for operational and management costs. Exempt from the 1940 Investment Company Act, the ETF will follow the regulatory framework applied to other spot crypto funds.
Momentum in the U.S. crypto ETF market
The Canary MOG filing comes amid a surge in U.S. crypto ETF activity. Canary’s XRP ETF, scheduled to begin trading on Nasdaq on November 13, will be the first U.S. spot XRP fund under the Securities Act of 1933, offering direct exposure to XRP with a 0.50% management fee.
Other crypto spot ETFs are also gaining traction. Bitwise and Grayscale recently launched Solana-focused funds, now collectively managing over $500 million in assets. Additionally, the U.S. Treasury’s Revenue Procedure 2025-31, issued November 10, establishes guidance for staking proof-of-stake assets such as SOL and ETH within ETFs, potentially generating yields of 5–7% for investors.
Canary Capital’s expansion into both memecoins and established crypto assets signals growing investor appetite for regulated, on-chain exposure. With its MOG ETF filing, the firm aims to tap niche markets while contributing to the broader institutional adoption of crypto investment products.
Market doubles down on ethereum
BitMine Immersion Technologies recently executed a significant acquisition of 104,336 ETH, valued at roughly $417 million, capitalizing on a temporary dip in Ethereum’s market price.
This move brought the company’s total holdings to over 3 million ETH, securing its position as the largest corporate Ethereum treasury globally.
The purchase was conducted on-chain, with transparent tracking showing that BitMine sourced the tokens directly from multiple exchanges, minimizing slippage and demonstrating careful execution. Chairman Tom Lee emphasized that the accumulation takes advantage of favorable market conditions, describing Ethereum as a “neutral chain” well-positioned for growth and integration across enterprise and DeFi applications.
According to filings and on-chain data, the firm maintains diversified wallets with layered security, including multi-signature cold storage and enterprise-grade custody solutions.
The company has publicly stated an ambitious target: eventually holding up to 5 % of Ethereum’s total circulating supply.
To put that into perspective, achieving this goal would make BitMine one of the most influential single holders of ETH in the ecosystem, capable of influencing staking participation, liquidity provisioning, and network engagement.
Tanya Petrusenko
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