Canary Capital’s proposed Trump Coin Exchange Traded Fund, identified by the ticker symbol TRPC, has been added to the Depository Trust & Clearing Corporation’s (DTCC) platform. This listing is generally viewed as an important step, suggesting the ETF is nearing operational readiness for activities like clearing transactions and settling trades.
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While this development has sparked considerable excitement among investors, it’s not a guarantee of trading commencement. The Securities and Exchange Commission (SEC) must still grant approval for the fund. Current projections from market analysts suggest that a decision from the SEC is unlikely to occur before the beginning of 2026.
Despite the need for further regulatory clearances, the TRPC listing adds to the expanding selection of investment products focusing on crypto themes. A notable example is 21Shares’ DOGE ETF. These products collectively demonstrate an increasing interest from institutional investors in gaining exposure to meme-based cryptocurrencies through structured and regulated investment vehicles.
TRUMP's price trends to the downside on the daily chart. Source: TRUMPUSD on Tradingview
Market Dynamics: Liquidity, Open Interest, and Significant Price Levels
The DTCC’s decision coincided with an increase in trading activity on major cryptocurrency exchanges like Binance, Bybit, and OKX. Furthermore, there was a 6% increase in open interest, reaching $350.9 million, suggesting new positions are being established in the derivatives market.
From a technical analysis perspective, analyst Mr. Albert highlights the $7.00 mark as a level of support. He suggests that successfully breaking through the $7.80–$8.00 resistance range could pave the way towards the $10.00 psychological level. This progression likely depends on two crucial factors: regulatory advancements and the accumulation of treasury assets.
Regarding the latter, Fight Fight Fight LLC, an entity connected to the token issuer, has announced intentions to potentially raise between $200 million and $1 billion. The goal is to develop a digital asset treasury and support market liquidity. Should this initiative be successfully implemented, it could contribute to price stability around critical trading points.
The TRUMP token, the underlying asset, remains subject to price swings, currently trading around $7.8–$8 and significantly lower (approximately 90%) than its peak in January when it traded near $75. This inherent volatility makes an ETF structure attractive. ETFs offer accessibility through standard brokerage accounts, regulated settlement processes, and secure custody solutions, which are often essential for larger institutional allocations.
SEC Approval Prospects for the Trump Coin ETF: What to Monitor Moving Forward
Industry observers caution that the DTCC listing does not equal SEC approval. Historically, the SEC has preferred to see well-established and regulated futures markets before approving spot market products, especially for relatively new asset classes.
In the absence of clear regulatory guidelines, a more gradual approach, such as diversified crypto funds or alternative investment structures, might be more feasible in the short term than a standalone spot ETF gaining immediate approval.
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Key elements to monitor:
- Regulatory Progress: Any official comments from the SEC, revisions to filed documents, or announcements regarding rule modifications related to TRPC.
- Market Structure: Continuous growth in open interest, without extreme funding rate spikes, indicating healthy demand driven by spot market activity rather than excessive leverage.
- Treasury Actions: Verifiable updates on the planned capital raise and potential token buyback program.
The DTCC listing integrates Trump Coin into mainstream Wall Street operations, boosting its visibility and streamlining operational procedures. If the $7.80–$8.00 resistance level is broken with substantial volume, and favorable news emerges from regulators and the treasury initiatives, bullish traders will likely target the $10.00 mark.
Cover image from ChatGPT, TRUMPUSD chart from Tradingview