Canary Capital has submitted an S-1 form to the Securities and Exchange Commission (SEC) to establish a crypto exchange-traded fund (ETF) focused on the PENGU token and the Pudgy Penguins non-fungible token (NFT) collection.
This is a pioneering step as it represents the first crypto ETF linked to an NFT collection.
The filing outlines that the fund plans to invest in a mix of PENGU tokens and Pudgy Penguins NFTs.
Moreover, the fund will incorporate Solana (SOL) and Ethereum (ETH), which the documentation describes as essential or related to the acquisition, sale, and transfer of the Trust’s PENGU and Pudgy Penguins NFTs.
PENGU, the native token of the Pudgy Penguins ecosystem, currently boasts a market capitalization of $435 million. Following the announcement, the token’s value surged by over 7% within an hour, reaching $0.0073. Concurrently, the floor price for Pudgy Penguins NFTs increased by more than 0.5 ETH.
Luca Netz, CEO of Pudgy Penguins, celebrated the filing, describing it as “historic.” Igloo Inc., the parent organization of the Pudgy Penguins collection, further commented:
“We believe that Pudgy Penguins symbolizes the cryptocurrency space, embodying innovation and the widespread acceptance of blockchain technology. Being part of this filing is a significant affirmation of that belief.”
Breaking New Ground
Canary Capital is known for its innovative approach to crypto-related ETF filings. On November 12, 2024, the firm submitted an S-1 form for the first Hedera (HBAR) ETF, which generated interest as HBAR was not among the top 20 cryptocurrencies by market capitalization.
This move caught some analysts off guard, including Bloomberg’s senior ETF analyst Eric Balchunas, who commented on the need for a Google search to understand Hedera.
The trend continued into 2025, with the firm filing the S-1 for the first Axelar (AXL) ETF on March 5 and quickly following up with the first Sui (SUI) ETF filing on March 17, shortly after registering in Delaware on March 6.
These filings indicate a broader strategy by Canary to broaden the range of crypto-related ETFs to include more than just traditional assets like Bitcoin (BTC) and Ethereum, while also exploring the SEC’s response to such proposals.
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