Canary Capital CEO reveals reasons for not launching DOGE Coin ETF. Explore the challenges and implications of this decision in the cryptocurrency market.
Steven McClurg, the CEO of Canary Capital, announced that the company has no plans to launch an Exchange-Traded Fund (ETF) based on DOGE Coin. While the company has applied to launch ETFs for other digital currencies like Solana (SOL), Ripple (XRP), and Litecoin (LTC). McClurg cited the unlimited supply of DOGE Coin and its lack of practical utility as reasons for this decision, stating, ‘Creating an ETF for DOGE Coin is challenging because this digital currency is designed to decrease in value while its supply continuously increases.’ This decision comes as multiple investment firms including Bitwise and Grayscale have taken steps to launch DOGE Coin ETFs.
