Canary Capital, the ever-ambitious asset manager, has once again stirred the pot by filing for an exchange-traded fund (ETF) that holds both cryptocurrency and non-fungible tokens (NFTs). It’s a move that could either redefine the market or simply add another chapter to the crypto comedy of errors. 🤷♂️
In a filing dated March 20, Canary Capital announced its plans to launch an ETF that will track the Pudgy Penguins ecosystem. This ETF will combine exposure to the project’s governance token, PENGU (PENGU), with a collection of its NFTs. If approved, this will be the first US-listed ETF to hold NFTs directly, a milestone that’s either groundbreaking or just another crypto gimmick. 🎉
The trust will hold spot PENGU as well as Pudgy Penguins NFTs, with additional digital assets like SOL (SOL) and ETH (ETH) included “as necessary or incidental” for transactions involving the fund’s primary holdings. This setup is designed to streamline operational needs such as purchasing, selling, or transferring assets within the trust. It’s like a digital treasure chest, but with a side of blockchain bureaucracy. 🗝️
Pudgy Penguins has become one of the most recognized NFT collections in the space, known for its playful art and strong community presence. PENGU, the governance token, was launched in December to give holders a say in the project’s direction. However, the token’s price has taken a nosedive, currently down over 90% from its December all-time high. News of the ETF filing did spark a brief rally, but the gains were as fleeting as a penguin’s flight. 🦆🚀
Canary’s ETF filing adds another notch to the firm’s growing list of crypto ETF applications. Just days earlier, the firm submitted paperwork for a spot ETF tied to Sui, the native token of the Sui layer-1 network. Last month, its Litecoin ETF was listed on the Depository Trust and Clearing Corporation under the ticker LTCC. It seems Canary is on a mission to corner the crypto ETF market, one filing at a time. 📝💼
The pace of ETF filings has picked up across the board, especially since the SEC began shifting its stance under President Donald Trump’s new term. Dozens of altcoin ETF proposals have hit the regulator’s desk in recent weeks, ranging from serious L1 contenders like Solana (SOL) to more speculative picks like Dogecoin and even Official Trump (TRUMP). It’s a circus of crypto, and Canary is front and center, juggling tokens and NFTs with the grace of a penguin on a tightrope. 🤹♂️🦜
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2025-03-21 09:54