Canary Capital has filed with the U.S. Securities and Exchange Commission for an exchange-traded fund (ETF) tracking the PENGU token associated with Pudgy Penguin, as well as NFTs and other cryptocurrencies.
Proposal for the First NFT ETF
On March 19, 2025, Nashville, Tennessee-based Canary Capital filed an S-1 form with the SEC for an ETF expected to hold both PENGU and Pudgy Penguin NFTs. This is the first proposed ETF to include NFTs. The fund will consist of 80-95% PENGU and 5-15% NFTs. No custodian or exchange has been selected yet.
The Pudgy Penguin Story
The Pudgy Penguins NFT collection was launched on Ethereum in July 2021 and has grown in popularity ever since. In 2023, Pudgy Penguins signed with the WME agency, and in September, Walmart began selling penguin plush toys. In December 2024, the PENGU token launched on Solana with a market cap of $2.8 billion, trading on Binance, Bybit, and OKX.
Altcoins and Canary Capital's Faith
Canary Capital’s parent company, Igloo, stated its belief that Pudgy Penguins represents innovation in the crypto industry. The company is actively pursuing ETF filings for altcoins like Litecoin, Hedera, Solana, and XRP. Currently, PENGU has a market cap of around $406 million.
Canary Capital is making bold moves by experimenting with new types of financial products backed by cryptocurrencies and NFTs, strengthening its influence in the alternative asset market.
