Canary Capital has filed an S-1 form with the Securities and Trade 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 keeping 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 “needed 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 father or mother 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 expertise. Being included on this submitting is a powerful validation of that perception.”
Traditionally out of the field
Canary Capital has a observe document of unconventional crypto-related ETF filings. On November 12, 2024, the agency filed an S-1 form for the primary Hedera (HBAR) ETF, which attracted consideration as HBAR was exterior the highest 20 crypto by market capitalization.
The transfer stunned some analysts, reminiscent of Bloomberg senior ETF analyst Eric Balchunas, who mentioned utilizing Google to know 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 broaden 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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