Why This ETF Issuer Won't Touch Dogecoin Amid Solana and XRP Fund Plans

The United States exchange-traded fund sector has become a Doge-eat-Doge world in recent weeks, with several asset managers clamoring to launch spot Dogecoin ETFs.

But at least one fund issuer isn't hopping into the Doge-pile. For cryptocurrency investment firm Canary Capital, the Shiba Inu-inspired meme coin is all bark and no bite.

Canary Capital CEO Steven McClurg told Decrypt this week that his firm has no plans to launch a spot Dogecoin ETF, pointing both to the digital currency’s unlimited supply and lack of utility.

The company is one of several issuers engaged in a race to ramp up its crypto-based investment offerings following the U.S.’ pivot to a more digital asset-friendly regime under President Donald Trump. Canary has already filed to launch spot funds based around Solana, XRP, Litecoin, and HBAR—but McClurg said the firm won’t join the DOGE ETF fray.

“I have a hard time putting [Dogecoin] in an ETF wrapper, because the coin is literally designed to go down in value and constantly increase in supply,” McClurg told Decrypt.

“There's no limited supply there, so you're essentially putting something in an ETF wrapper that's designed to go towards zero,” he added.