Canary Capital seeks regulator's approval for an ETF tracking MOG

Canary Capital is looking for the Securities and Exchange Commission's nod for an exchange-traded fund tracking the price of the lesser-known memecoin called MOG Coin. 

The investment firm filed a registration statement on Wednesday for the Canary MOG ETF. 

"The Trust’s investment objective is to seek to provide exposure to the price of MOG Coin ('MOG') held by the Trust, less the expenses of the Trust’s operations and other liabilities," according to that filing. 

MOG is ranked 339 with a market capitalization of nearly $170 million, according to The Block's price page. The token was issued on the Ethereum network and is described as a memecoin, according to Canary's filing.  

"Because of its association with the 'Mog' meme culture and its community-driven branding, some consider MOG both a cultural statement and a digital collector’s item," according to that filing. 

Canary has set out to launch several different types of crypto ETFs, including two that launched last month tracking Litecoin and HBAR. The firm is set to list another this week, tracking the price of XRP. 

Firms have listed crypto ETFs despite the government shutdown after the SEC issued guidance clarifying procedures for firms seeking to go public. Since those firms have used a different route to launch products without needing the agency's explicit sign-off. 

Overall, companies have made dozens and dozens of filings to the SEC for their proposed crypto ETFs amid a friendlier administration over the past year.

President Donald Trump tapped crypto-friendly regulator Paul Atkins to lead the SEC, whereafter the agency has since taken steps toward providing clarity for digital assets as well as approving listing standards for certain ETFs.