Canary Capital has filed an S-1 kind with the Securities and Change 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.
Based on 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 “vital 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, presently has a market capitalization of $435 million. One hour after the information, the token’s value jumped over 7% to $0.0073. In the identical interval, the ground value 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 dad or mum agency behind the Pedgy Penguins assortment, added:
“We consider 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 powerful validation of that perception.”
Traditionally out of the field
Canary Capital has a observe report of unconventional crypto-related ETF filings. On November 12, 2024, the agency filed an S-1 kind for the primary Hedera (HBAR) ETF, which attracted consideration as HBAR was outdoors the highest 20 crypto by market capitalization.
The transfer stunned some analysts, resembling 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 kind 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 develop the scope of crypto-related ETFs past conventional belongings resembling Bitcoin (BTC) and Ethereum, testing the waters with the SEC on how far the filings can go.
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