Crypto Asset Manager Canary Capital Continues ETF Application Spree with New Filing for Pudgy Penguins NFT Fund

​Canary Capital has recently filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to introduce an exchange-traded fund (ETF) focused on the Pudgy Penguins non-fungible token (NFT) project. If approved, the "Canary PENGU ETF" would provide investors with exposure to the Pudgy Penguins ecosystem by investing directly in Pudgy Penguins NFTs and the project's utility token, PENGU. Additionally, the ETF plans to hold other cryptocurrencies, such as Ethereum (ETH) and Solana (SOL), to facilitate transactions related to these assets. ​

This filing is part of Canary Capital's broader strategy to expand cryptocurrency investment options through exchange-traded products. The firm has also filed for ETFs targeting other digital assets, including Solana (SOL), XRP (XRP), Sui (SUI), Litecoin (LTC), Axelar (AXL), and Hedera (HBAR).

The Pudgy Penguins project, launched in July 2021 on the Ethereum blockchain, comprises a collection of 8,888 unique penguin-themed NFTs. Each penguin is generated from over 150 hand-drawn traits, resulting in distinctive characters with individual personalities. The project has gained significant traction within the NFT community, expanding its ecosystem to include physical products, games, and a dedicated cryptocurrency token, PENGU, introduced in 2024 to enhance holder interaction and participation.

The SEC's approval of the first spot market Bitcoin (BTC) ETFs in January 2024 led to substantial inflows into the cryptocurrency market. Subsequently, Ethereum (ETH) ETFs were approved for trading in July 2024, with firms like Franklin Templeton and Hashdex launching joint BTC-ETH ETFs earlier this year. Canary Capital's proposed PENGU ETF represents a pioneering effort to combine cryptocurrency and NFTs within a single investment product, potentially offering investors diversified exposure to the burgeoning digital asset landscape.

As of March 22, 2025, PENGU is trading at $0.00655, reflecting a decrease of over 2.5% in the past 24 hours. The token currently ranks as the 165th largest crypto asset by market capitalization. ​

The SEC's decision on the approval of the Canary PENGU ETF will be closely monitored by investors and industry stakeholders, as it could signal a further integration of NFTs into mainstream financial instruments.

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