Trump Coin ETF's DTCC Listing Doesn't Clear SEC Hurdles

The Depository Trust & Clearing Corporation (DTCC) has listed the Canary Trump Coin ETF (TRPC), a politically themed cryptocurrency exchange-traded fund, marking a procedural step toward potential mainstream trading. The ETF, filed by Canary Capital Group in August 2025, is tied to a Solana-based token associated with U.S. President Donald Trump and reflects a growing trend of digital assets linked to political themes rather than traditional industries . While the DTCC listing confirms the fund's technical readiness for clearing and settlement, it does not imply U.S. Securities and Exchange Commission (SEC) approval. Analysts anticipate a decision on the ETF's regulatory status to extend into early 2026 .

The TRUMP token, which underlies the ETF, has experienced significant volatility, losing approximately 88% of its value since its January 2025 peak of $75.35. As of recent data, the token trades near $7.80–$8.00, with a market capitalization of $1.54 billion . Despite this decline, the token has shown short-term gains, including a 3% rise in the past four hours . Market participants note increased activity on exchanges like Binance, Bybit, and OKX, with open interest surging to $350.9 million, signaling renewed speculative interest .

The SEC's regulatory stance remains a critical hurdle. Experts highlight that the agency typically requires a robust, regulated futures market for at least six months before approving spot ETFs for novel assets . Currently, no TRUMP futures exist, complicating the ETF's path to approval. Bloomberg ETF analyst Eric Balchunas noted this absence as a key barrier, suggesting the token could be incorporated into a diversified fund under the 1940 Act instead . Canary Capital, however, is pursuing a standalone spot offering, emphasizing direct exposure to the TRUMP token's price movements.

To stabilize the token's value, Fight Fight Fight LLC, the issuer of TRUMP, has announced plans to raise $200 million–$1 billion to establish a digital asset treasury. This initiative aims to buy TRUMP tokens on the open market, creating artificial demand and reducing supply. The proposed buybacks could mitigate further price declines and rebuild investor confidence . However, the plan remains in early discussions, with no firm commitments or execution timelines disclosed .

The DTCC listing places TRPC alongside other crypto-themed ETFs, such as 21Shares' DOGE ETF, signaling rising institutional interest in meme-coin exposure via regulated products. Analysts suggest that if the SEC approves the ETF, it could enhance liquidity and accessibility for both retail and institutional investors, who often require custody controls and standardized settlement mechanisms before allocating capital at scale . Technical indicators, including a potential breakout above $7.80–$8.00, could drive the token toward a psychological $10.00 level, contingent on regulatory progress and treasury buybacks .

Market observers remain cautious, noting that the TRUMP token's performance is highly sensitive to political and market dynamics. The ETF's success will depend not only on regulatory outcomes but also on the issuer's ability to execute its stabilization strategy effectively. With the DTCC listing now complete, the focus shifts to the SEC's decision and the broader market's reaction to the token's volatility.

Source: [1] The Crypto Times (https://www.cryptotimes.io/2025/10/09/dtcc-adds-canary-trump-coin-etf-trpc-to-listings/)

[2] Phemex News (https://phemex.com/news/article/canary-capitals-trump-coin-etf-nears-listing-with-dtcc-appearance-24958)

[3] The Market Periodical (https://themarketperiodical.com/2025/10/09/trump-coin-etf-listed-on-dtcc-as-political-crypto-bets-heat-up/)

[4] Coinsurges (https://www.coinsurges.com/trump-coin-etf-nears-mainstream-trading-after-dtcc-listing-sparks-investor-excitement/)

[5] CoinCentral (https://coincentral.com/trump-coin-etf-listed-on-dtcc-as-canary-awaits-sec-approval/)

[6] FXLeaders (https://www.fxleaders.com/news/2025/10/09/trump-coin-etf-listed-on-dtcc-as-analysts-eye-breakout-above-8/)

[7] NewsBTC (https://www.newsbtc.com/news/trump-coin-etf-nears-mainstream-trading-after-dtcc-listing-sparks-investor-excitement/)