Canary Capital Seeks SEC Approval for ETF Holding PENGU and Pudgy Penguins NFTs – Decrypt

Crypto Asset Managers continue to make big bets on Altcoins. The latest Exchange-Traded Fund Issuer, Canary Capital, seeks regulatory approval to list fund tracking A stocky penguin (penguin).

Canary capital based in Nashville, Tennessee on Thursday Submit The S-1 Form, which seeks approval from the Securities and Exchange Commission for the Canary Pengu ETF, is a fund holding both the token in question and the NFTs of the well-known Ethereum NFT collection.

Pengu is Solana– Pudgy Penguins NFT project base token. The token was released in January and shot value before crashing violently along with most other meme coins. Currently, it's 90% below the $0.068 high that was touched on since launch Coingecko Data show.

The token saw a surge in short-lived prices on Thursday after its announcement, but then lost momentum, falling 2% that day. Pengu is the 161st most valuable cryptocurrency by market capitalization at the time of this writing.

The demand for small coins and tokens has encouraged asset managers to submit applications to the SEC, a by-product of US President Donald Trump's more crypto-friendly policy.

said Luca Netz, CEO of Pudgy Penguins Decryption The project was “excited to become a part of the history of the code with the initial NFT and coin submissions.”

ETFs are popular investment vehicles that trade on stock exchanges and are exposed to the underlying assets by investors. The SEC gave Bitcoin ETF a green light last year, leading to a flood of capital into space.

Then, in July, Ethereum ETFS began trading after regulators quietly approved the product. Although funding is less successful than Bitcoin's counterparts, the demand for crypto-focused products has been strong in traditional financial formats.

Canary capital, Vaneck, 21 shares and BitwiseSome people trying to get ETFs that track coins such as XRP, Solana, Litecoin, etc. In the market For our investors.

Edited by James Rubin and Andrew Hayward