Canary Files for PENGU ETF Tracking Pudgy Penguins Token
A new fund tracking PENGU would add meme-inspired cryptocurrency to the firm's growing roster of digital asset ETF applications.
Canary Capital has filed with the Securities and Exchange Commission to list a Pudgy Penguins PENGU ETF, marking its latest attempt to expand cryptocurrency investment options through exchange-traded products.
In a Thursday Form S-1 filing with the SEC, the crypto investment firm requested to create the Canary PENGU ETF, which would primarily hold PENGU tokens directly. The proposed fund would also maintain positions in other digital assets, including Solana and Ethereum, which are necessary for purchasing and transferring PENGU.
Niche Crypto Beyond Bitcoin, Ethereum
This move comes as investors seek exposure to niche cryptocurrencies beyond market leaders like Bitcoin and Ethereum. PENGU, launched in December 2024, serves as the official token of the Pudgy Penguins NFT collection, making this proposed ETF unique in the evolving digital asset space.
According to the filing, the fund would determine its daily value based on PENGU prices provided by CoinDesk Indices, while subtracting management fees and expenses. The trust will invest between about 80% and 95% of its assets in PENGU tokens and between 5% and 15% in Pudgy Penguin NFTs.
More Than Just Pudgy Penguins
The Nashville-based firm has been actively building its cryptocurrency ETF roster, having previously filed for products tracking Solana, Litecoin, XRP, Hedera and Axelar. Last week, Canary applied for a SUI ETF, bringing its total crypto ETF filings to seven since President Donald Trump's election victory sparked optimism for more favorable regulatory treatment of digital assets.
Read More: Canary Capital Files With SEC for First Ever Sui ETF
PENGU currently has a fixed total supply of 88.9 billion tokens, with about 62.9 billion in circulation. CoinMarketCap data show PENGU trading at approximately $0.006351, giving it a market capitalization of around $400.4 million. The token has experienced volatility, showing a 7.6% decline over the past day despite a 45.7% increase in 24-hour trading volume.
The filing didn't specify which exchange would list the proposed ETF or its ticker symbol.
