Canary files for PENGU ETF

Asset manager Canary Capital has filed to database an exchange-traded money (ETF) holding Pengu (PENGU), the governance token of the Pudgy Penguins non-fungible token (NFT) project, US regulatory filings show. 

The ETF is the latest successful a slew of filings for caller US concern products tied to spot cryptocurrencies, including altcoins and memecoins. 

According to the filing, the ETF is intended to clasp spot PENGU arsenic good arsenic assorted Pudgy Penguins NFTs. It would beryllium the archetypal US ETF to clasp NFTs if approved. 

Additionally, “[t]he Trust volition besides clasp different integer assets, specified arsenic SOL and ETH, that are indispensable oregon incidental to the purchase, merchantability and transportation of the Trust’s PENGU and Pudgy Penguins NFTs,” the filing said. 

Launched successful December, PUDGY has a astir $438-million marketplace capitalization arsenic of March 20, according to CoinGecko.

On March 18, Canary filed to database the first US ETF holding Sui (SUI), the autochthonal token of the Sui layer-1 blockchain network.

Pudgy Penguins is among the astir fashionable NFT brands. Source: Cointelegraph

Related: Canary Capital proposes archetypal Sui ETF successful US SEC filing

Policy reversal

The US Securities and Exchange Commission has acknowledged dozens of filings for caller crypto concern products since US President Donald Trump took bureau connected Jan. 20. 

They see filings for projected ETFs for autochthonal L1 tokens specified arsenic Solana (SOL) and XRP (XRP), arsenic good arsenic for memecoins specified arsenic Dogecoin (DOGE) and Official Trump (TRUMP). 

Some manufacture analysts are skeptical that ETFs holding non-core cryptocurrencies volition spot a meaningful uptake among accepted investors. 

“Pengu ETF announced. Price hardly goes up. New ETFs for crypto assets person go an irrelevant joke,” crypto researcher Alex Krüger said successful a March 20 station connected the X platform. “Most crypto ETFs volition neglect to pull AUM and outgo issuers money.”

Since starting his 2nd statesmanlike term, Trump has reversed the US government’s stance connected integer assets, promising to marque America “the world’s crypto capital.” 

Under his predecessor, erstwhile US President Joe Biden, US regulatory agencies brought upward of 100 enforcement actions against crypto firms.

On March 20, plus manager Volatility Shares launched 2 Solana futures ETFs, the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT). 

They usage fiscal derivatives to way SOL’s show with one- and two-time leverage, respectively. Spot SOL ETFs are inactive awaiting regulatory approval. 

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