Asset supervisor Canary Capital has filed to checklist an exchange-traded fund (ETF) holding Pengu (PENGU), the governance token of the Pudgy Penguins non-fungible token (NFT) mission, US regulatory filings present.
The ETF is the most recent in a slew of filings for brand new US funding merchandise tied to identify cryptocurrencies, together with altcoins and memecoins.
In line with the filing, the ETF is meant to carry spot PENGU in addition to numerous Pudgy Penguins NFTs. It could be the primary US ETF to carry NFTs if permitted.
Moreover, “[t]he Belief will even maintain different digital belongings, equivalent to SOL and ETH, which might be needed or incidental to the acquisition, sale and switch of the Belief’s PENGU and Pudgy Penguins NFTs,” the submitting mentioned.
Launched in December, PUDGY has a roughly $438-million market capitalization as of March 20, according to CoinGecko.
On March 18, Canary filed to checklist the first US ETF holding Sui (SUI), the native token of the Sui layer-1 blockchain community.
Pudgy Penguins is among the many hottest NFT manufacturers. Supply: Cointelegraph
Associated: Canary Capital proposes first Sui ETF in US SEC filing
Coverage reversal
The US Securities and Alternate Fee has acknowledged dozens of filings for brand new crypto funding merchandise since US President Donald Trump took workplace on Jan. 20.
They embrace filings for proposed ETFs for native L1 tokens equivalent to Solana (SOL) and XRP (XRP), in addition to for memecoins equivalent to Dogecoin (DOGE) and Official Trump (TRUMP).
Some business analysts are skeptical that ETFs holding non-core cryptocurrencies will see a significant uptake amongst conventional buyers.
“Pengu ETF introduced. Worth barely goes up. New ETFs for crypto belongings have turn out to be an irrelevant joke,” crypto researcher Alex Krüger said in a March 20 put up on the X platform. “Most crypto ETFs will fail to draw AUM and price issuers cash.”
Since beginning his second presidential time period, Trump has reversed the US authorities’s stance on digital belongings, promising to make America “the world’s crypto capital.”
Beneath his predecessor, former US President Joe Biden, US regulatory businesses introduced upward of 100 enforcement actions in opposition to crypto companies.
On March 20, asset supervisor Volatility Shares launched two Solana futures ETFs, the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT).
They use monetary derivatives to trace SOL’s efficiency with one- and two-time leverage, respectively. Spot SOL ETFs are nonetheless awaiting regulatory approval.
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