Canary Capital has submitted a proposal for a new type of exchange-traded fund (ETF) called the Pengu ETF. This would be the first ETF of its kind. The firm is an institutional crypto trading and management company. They filed the registration statement with the U.S. Securities and Exchange Commission (SEC) on Thursday.
The Pengu ETF will invest in non-fungible tokens (NFTs) and various cryptocurrencies. Specifically, it will focus on the PENGU token, which is part of the Pudgy Penguins NFT project that launched in December.
The filing states that the fund will mainly invest in PENGU and Pudgy Penguins NFTs. Additionally, it will hold other digital assets like SOL and ETH, which are important for buying, selling, and transferring PENGU and the NFTs.
Canary Capital is also interested in launching other altcoin ETFs. These include ETFs that would track Sui, Hedera, and Litecoin, among others. Recently, many firms have been trying to get the SEC’s approval for various crypto ETFs. These range from those tracking SOL and XRP to DOGE and now the Pengu ETF.
In January 2024, the SEC approved spot Bitcoin ETFs, followed by spot Ethereum ETFs in July. The agency has shown a more positive attitude towards the crypto industry. They have reduced enforcement actions against major players in the sector and established a crypto task force to help regulate the industry.
