Canary Capital is seeking to make its mark on the market by filing with the U.S. Securities and Exchange Commission (SEC) to seek approval for the first Exchange Traded Fund (ETF) focused on PENGU. This is seen as a bold move as financial firms continue to experiment with crypto products in search of regulatory approval.
Canary Capital's PENGU ETF registration filing was made public on Thursday, stating that the fund will hold PENGU Tokens along with other cryptocurrencies and the Pudgy Penguins NFT collection. Pudgy Penguins is an Ethereum-based NFT project that launched the PENGU Token in December last year.
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"To achieve its investment objective, the Trust will focus its investments on (1) PENGU, the official token of the Pudgy Penguins project, and (2) Pudgy Penguins NFTs," according to the filing. "Additionally, the Fund will hold other digital assets such as SOL and ETH to facilitate the purchase, sale, and transfer of PENGU Tokens and Pudgy Penguins NFTs." The Pudgy Penguins collection floor price has surged 8% since the news, currently fluctuating around 9.75 ETH.
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Beyond the Pengu ETF, Canary Capital also plans to launch other ETFs related to altcoins, including Sui, Hedera, and Litecoin. This reflects the company's strategy to expand its crypto investment portfolio to capitalize on the growing investor interest in digital assets.
Recently, many financial firms have also been seeking SEC approval for new cryptocurrency ETFs, from Solana (SOL), Ripple (XRP), and Dogecoin (DOGE) tracking funds, to the current PENGU proposal.
Under the previous administration, the SEC approved a Bitcoin Spot ETF in January 2024 and an Ethereum Spot ETF in July of the same year. However, the agency has been gradually exhibiting a more open stance towards the crypto industry. Specifically, the SEC has reduced enforcement actions against major crypto companies and established a dedicated task force to develop a more suitable regulatory framework for this industry.
The development of the PENGU ETF not only reflects Canary Capital's efforts to lead the wave of innovation in the decentralized finance space but also marks a significant step towards mainstream recognition of digital assets. Observers are closely watching whether the SEC will greenlight this ETF, as it could set an important precedent for other crypto products in the future.
Compiled by VIC Crypto
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