Canary Capital has taken a significant step by filing for a PENGU ETF that combines PENGU tokens and Pudgy Penguins NFTs.
Features of the PENGU ETF
According to the filing, the new ETF will focus on PENGU tokens and Pudgy Penguins NFTs. It is expected that 80% to 95% of assets will go into PENGU, while 5% to 15% will be allocated for NFTs. Small portions of SOL and ETH will be held to cover transaction fees and NFT purchases, but only as needed.
User Reactions and Filing Significance
The announcement of the filing has already drawn attention on platform X, with users generally expressing enthusiasm for the novelty of the idea. Many have noted that only a few cryptocurrencies, such as BTC, SOL, XRP, and DOGE, have ever reached this stage in the ETF process, emphasizing the filing's importance for boosting Pudgy Penguins' visibility.
Competitors in the ETF Market
The filing from Canary Capital coincides with similar moves by companies like Invesco and Galaxy Digital, which have also submitted applications for a Solana ETF. These filings, along with many others, are currently under review by the SEC, which, despite its crypto-friendly image, has been slow in making decisions on various proposed ETFs, much to the public's frustration.
Canary Capital's filing for the PENGU ETF marks a notable development in institutional investments into meme cryptocurrencies and NFTs, though the future of regulatory approvals remains uncertain.
