Canary Capital has submitted a proposal for a new type of exchange-traded fund (ETF) called the Pengu ETF, focused on NFTs and cryptocurrencies.
Pengu ETF Registration Filing
Canary Capital, an institutional crypto trading and management company, filed the registration statement for the Pengu ETF with the U.S. Securities and Exchange Commission (SEC) on Thursday. This would be the first ETF of its kind.
Fund's Investment Strategy
The Pengu ETF will invest in non-fungible tokens (NFTs) and various cryptocurrencies. It will focus primarily on the PENGU token, which is part of the Pudgy Penguins project launched in December. The filing states that the fund will mainly invest in PENGU and Pudgy Penguins NFTs, along with other digital assets like SOL and ETH, which are crucial for buying, selling, and transferring PENGU and the NFTs.
Trends in Regulated Crypto Market
Canary Capital is also interested in launching other altcoin ETFs, including those that would track Sui, Hedera, and Litecoin. Recently, many firms have been trying to get the SEC's approval for various crypto ETFs, from those tracking SOL and XRP to the Pengu ETF. In January 2024, the SEC approved spot Bitcoin ETFs, followed by spot Ethereum ETFs in July, showing a more positive attitude towards the crypto industry.
The Pengu ETF proposal highlights the growing interest in investing in NFTs and cryptocurrencies through regulated mechanisms, marking the continued evolution of the financial market.
