Asset Manager Canary Capital has submitted itself to the United States Securities and Exchange Commission (SEC) for a listed fund that follows Pengu, the Governance token for the Pudgy Penguin. The ETF would contain both Pengu and Pudgy Penguin Non -Fungible tokens (NFT), as well as other cryptocurrencies, such as SOL and ETH, which may be necessary for the purchase, sale or transfer of Pengu and the associated NFTs.
Nashville, Canary Capital, established in Tennessee, submitted an S-1 form to the SEC on 20 March. This is the first proposed EFT that includes NFTs. The ETF will be structured as a trust that is expected to contain 80% -95% Pengu and 5% -15% NFTs. No custodian or exchange has yet been selected.
First they released the NFT, then hugs and now an ETF
There are 8,888 Pudgy Penguin NFTs that vary in price on open seas of 9.86 ETH ($ 19,499 at the time of writing) up to 9,000 ETH ($ 17.8 million), although all NFTs mentioned three were sold for 500 ETH ($ 988.805) or less. According to the S-1, Canary Capital will “select which NFTs by considering factors such as price, relative rarity, observed desirability of a certain NFTS properties and characteristics, and the overall collective value.”
The Pudgy Penguins NFT collection was launched in July 2021 on Ethereum. In May 2023, Pudgy Penguins signed at the WME Talent Agency. Retailer Walmart (and later others) has worn a row of filled toys called hugs that have been displaying the penguins since September.
The Pengu token was launched on Solana in December 2024 with an airdrop of 25.9% of the 88.89 billion tokens to NFT holders distributed according to the rarity of the NFTs of the holder and other community members. It had a first market capitalization of around $ 2.8 billion and traded on Binance, Bybit and OKX.
Canary Capital has faith in Altcoins and their ETFs
Igloo, the parent company of Canary Capital, placed a statement about X and said partially: “We believe that Pudgy Penguins is the face of Crypto, which represents innovation and the mass acceptance of blockchain technology. In this archiving, there is a strong validation of that conviction.”
Canary Capital has been a pioneer in Altcoin ETFs. It has submitted documents to the SEC to create ETFs that Litecoin, Hedera, Solana and XRP follows.
Pengu “has very little identified use cases apart from the item of a collector, the S-1 confessed. There is no guarantee that it will continue to win in value, it added. The token opened at $ 0.00689 on March 20, hit a height of Coentecko.
