Canary Capital applies for approval to launch an ETF tracking the price of memecoin MOG

US investment firm Canary Capital has announced the launch of a little-known meme coin called MOG Coin (MOG
The company has applied for approval from the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) that tracks the price of the Bitcoin Coin.
According to The Block on the 12th (local time), Canary announced the launch of the Canary MOG ETF on the 11th.
The trust filed registration documents for the MOG ETF with the SEC. The document states, "The trust's investment objective is to invest the MOG Coin held by the trust.
The MOG is a non-profit organization that provides exposure linked to price movements of the securities market, with a target net return excluding trust operating expenses and other liabilities.
According to The Block's price page, it has a market capitalization of approximately $170 million, ranking 339th among all cryptocurrencies, and is classified as a meme coin based on the Ethereum network.
"MOG is considered by some to be a cultural symbol and digital collectible due to its 'Mog' meme culture and community-driven branding," the registration documents state.
Canary is working on launching several other cryptocurrency ETFs, including two last month that track Litecoin and Hedera, and one this week that tracks XRP prices.
Another ETF is also set to launch.