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) undertaking, US regulatory filings present.
The ETF is the newest in a slew of filings for new US funding merchandise tied to identify cryptocurrencies, together with altcoins and memecoins.
In response to the submitting, the ETF is meant to carry spot PENGU in addition to varied Pudgy Penguins NFTs. It will be the primary US ETF to carry NFTs if authorised.
Moreover, “[t]he Belief may even maintain different digital belongings, comparable to SOL and ETH, which are vital 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, in keeping with CoinGecko.
On March 18, Canary filed to checklist the primary US ETF holding Sui (SUI), the native token of the Sui layer-1 blockchain community.
Coverage reversal
The US Securities and Trade Fee has acknowledged dozens of filings for new crypto funding merchandise since US President Donald Trump took workplace on Jan. 20.
They embody filings for proposed ETFs for native L1 tokens comparable to Solana (SOL) and XRP (XRP), in addition to for memecoins comparable 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. Value barely goes up. New ETFs for crypto belongings have turn out to be an irrelevant joke,” crypto researcher Alex Krüger mentioned in a March 20 submit on the X platform. “Most crypto ETFs will fail to draw AUM and value 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.
