Canary Capital has filed an S-1 type with the Securities and Alternate Fee (SEC) to launch a crypto exchange-traded fund (ETF) that gives publicity to the PENGU token and the Pudgy Penguins non-fungible token (NFT) assortment.
This marks the primary crypto-related ETF providing related to an NFT assortment.
In line with the submitting, the fund will spend money on a portfolio consisting of PENGU tokens and NFTs from the Pudgy Penguins assortment.
Moreover, the fund will maintain Solana (SOL) and Ethereum (ETH), which the submitting describes as “crucial or incidental to the acquisition, sale, and switch of the Belief’s PENGU and Pudgy Penguins NFTs.”
PENGU, the native token of the Pudgy Penguins ecosystem, at present has a market capitalization of $435 million. One hour after the information, the token’s worth jumped over 7% to $0.0073. In the identical interval, the ground worth of the Pudgy Penguins NFTs jumped by over 0.5 ETH.
Luca Netz, CEO of Pudgy Penguins, acknowledged the submitting, calling it “historical past.” Igloo Inc., the mum or dad agency behind the Pedgy Penguins assortment, added:
“We imagine that Pudgy Penguins is the face of crypto, representing innovation and the mass adoption of blockchain know-how. Being included on this submitting is a robust validation of that perception.”
Traditionally out of the field
Canary Capital has a observe file of unconventional crypto-related ETF filings. On November 12, 2024, the agency filed an S-1 type for the primary Hedera (HBAR) ETF, which attracted consideration as HBAR was outdoors the highest 20 crypto by market capitalization.
The transfer shocked some analysts, reminiscent of Bloomberg senior ETF analyst Eric Balchunas, who stated utilizing Google to grasp what Hedera is.
This pattern has continued in 2025. Canary filed the S-1 type for the primary Axelar (AXL) ETF on March 5 and adopted up with the primary Sui (SUI) ETF submitting on March 17, shortly after registering it in Delaware on March 6.
These filings recommend a broader effort by Canary to increase the scope of crypto-related ETFs past conventional belongings reminiscent of Bitcoin (BTC) and Ethereum, testing the waters with the SEC on how far the filings can go.
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