The post Official Trump Price Rebounds As Canary Capital Files For Spot TRUMP ETF appeared first on Coinpedia Fintech News
Canary Capital, a top-tier asset manager, has filed for a spot Trump coin ETF today. According to the SEC filing, Canary Capital filed for the Canary Trump Coin ETF to offer investors direct exposure to the TRUMP memecoin without the need for holding the token directly.
The fund manager did not stipulate the management fees in the S-1 filing, as amendments may happen later in the process. Additionally, Canary Capital did not provide key details of the provider for custody services or the specific exchange where the ETF will be traded.
TRUMP Price Rebounds on Canary Spot ETF Application
According to our crypto oracles, TRUMP price rebounded from an intraday low of about $8.07 to trade at about $8.37 after the news of the Canary Trump Coin ETF application. The mid-cap memecoin, with a fully diluted valuation of about $8.3 billion, has, however, dropped over 5 percent in the last seven days amid the ongoing wider crypto correction.
The organic demand for the TRUMP meme by institutional investors will play a crucial role in its long-term growth. Moreover, the Trump coin has already been implemented as a treasury management tool for Trump Media & Technology Group (TMTG) and Crypto.com.
A New Trend Emerges
The organic demand for Solana (SOL)-based memecoins – led by Pudgy Penguins (PENGU) and TRUMP – has emerged. In addition to Canary Capital, REC Shares in partnership with Osprey Fund filed with the U.S. SEC earlier this year for a spot TRUMP ETF.
Asset manager Tuttle Capital has also filed with the U.S. SEC for a spot TRUMP ETF. The three distinct fund managers seeking to offer spot TRUMP ETFs legitimize the organic demand for the memecoin.
Furthermore, the Solana ecosystem has recorded a significant growth in memecoins following the notable growth of Pump.fun launchpad.
