Trump Coin ETF Secures DTCC Listing, SEC Approval Pending
Canary Capital’s Trump Coin ETF has secured a DTCC listing under ticker TRPC, marking a key step in post-trade clearing, settlement and custody. Filed in August under the Securities Act of 1933, the spot ETF would directly hold TRUMP tokens, a Solana-based meme coin inspired by former President Donald Trump. This structure differs from earlier 1940 Act crypto-ETF proposals that used offshore entities or U.S. Treasuries for indirect exposure.
Despite the DTCC listing, SEC approval remains uncertain. No regulated futures market for TRUMP exists, a common SEC prerequisite for spot funds. Bloomberg ETF specialist Eric Balchunas suggests a diversified 1940 Act vehicle might be more viable. Meanwhile, the TRUMP token has plunged over 90% from its January peak to around $8, with trading volume down over 22% in 24 hours. Issuer Fight Fight Fight LLC is negotiating to raise $200 million to $1 billion for a buyback treasury. Market interest in this Trump Coin ETF remains muted pending SEC oversight.
Neutral
The DTCC listing is a bullish technical step, but lacking SEC approval and a regulated futures market creates regulatory risk. The TRUMP token’s steep 90% drop and 22% volume decline indicate weak investor appetite. Short-term, these factors may cap price gains, making a neutral outlook appropriate. Long-term, if the SEC approves the Trump Coin ETF and Fight Fight Fight LLC secures funding for a buyback treasury, the TRUMP token could recover, though regulatory and market hurdles remain significant.