The crypto asset manager Canary Capital has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for a new non-fungible token-focused exchange-traded fund (ETF).
If approved, the “Canary PENGU ETF” will offer investors exposure to the Pudgy Penguins NFT project.
The ETF would invest directly in Pudgy Penguins NFTs and PENGU, the project’s utility token, and it would also hold other crypto assets, like Ethereum (ETH) and Solana (SOL), that “are necessary or incidental to the purchase, sale and transfer” of those first two types of tokens, per the filing.
The new S-1 statement represents the latest in a spree of recent ETF filings for Canary, which is also attempting to launch Solana, XRP (XRP), Sui (SUI), Litecoin (LTC), Axelar (AXL) and Hedera (HBAR) funds.
The SEC greenlit the first spot market Bitcoin (BTC) ETFs in January 2024, bringing in billions of dollars worth of inflows to the top digital asset by market cap. The regulator subsequently approved Ethereum (ETH) ETFs for trading last July. Two financial firms, Franklin Templeton and Hashdex, also launched joint BTC-ETH ETFs earlier this year.
PENGU is trading at $0.00655 at time of writing. The 165th-ranked crypto asset by market cap is down more than 2.5% in the past 24 hours.
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