Delaware Registration Sets Stage for Canary Token's Trump ETF Ambitions, TRUMP Faces Key Approval Hurdles

The path to a spot Trump memecoin ETF just got more tangible. Canary Capital has officially registered the Canary Trump Coin ETF trust structure in Delaware, moving one step closer to what could become the first U.S. exchange-traded fund for the Official Trump token. This development signals genuine institutional interest in bringing Trump-related meme assets into traditional investment vehicles.

What the Delaware Filing Means

When Canary filed the statutory trust registration, they essentially built the legal scaffolding required for crypto ETF launches. Bloomberg’s Eric Balchunas noted that Canary is pursuing the Securities Act of 1933 route—a structure typically used for single-asset crypto funds where the ETF physically holds the token. This differs from competitors like Tuttle Capital, who took a Securities Act of 1940 approach for their Trump and Melania coin offerings.

The Delaware registration itself doesn’t guarantee approval, but it’s undeniably the first critical move. After establishing the statutory trust, Canary would need to file an S-1 registration statement with the SEC. Here’s where things get complicated: recent spot Bitcoin and Ethereum ETF approvals still took months of negotiations over market surveillance standards, pricing mechanisms, and redemption structures.

Market Reaction and Current Landscape

The news triggered immediate market response. TRUMP surged over 10% when the Delaware filing became public, pushing the token toward a multi-week peak. However, looking at current market data, the token has since retraced considerably. At $5.12 with a $1.02 billion market cap, TRUMP ranks as the sixth-largest memecoin by capitalization—respectable, but it remains volatile territory for traditional fund approval.

The all-time high of $78.10 set back at launch now serves as a cautionary backdrop. Such dramatic swings from peak to trough raise legitimate questions about whether regulators will green-light an ETF built on such a volatile foundation.

Approval Timeline and Regulatory Reality Check

Don’t expect immediate ETF launch. Even if Canary submits the S-1 promptly, the SEC review process typically spans several months minimum. Given that TRUMP is a relatively young memecoin with inherent volatility, approval faces steeper headwinds than commodity-backed crypto ETFs.

Canary also filed for another memecoin ETF tracking PENGU, suggesting the firm is hedging bets across multiple token categories. Other players including Osprey Funds and REX Shares filed TRUMP ETF proposals back in January, so competition in this space is heating up.

What This Means for Investors

The canary token registration demonstrates growing appetite from established asset managers to legitimize memecoin exposure. Whether that translates to regulatory approval remains an open question. The Delaware filing is necessary but far from sufficient—think of it as the qualification round before the main event.

For now, TRUMP holders have a clearer window into institutional interest, even if the ETF itself remains months (or longer) away from reality.