Canary Files Spot ETF Application for Pudgy Penguins Memecoin

Asset management firm Canary has filed a spot ETF S-1 application for the Pudgy Penguins (PENGU) memecoin with the SEC.

The proposed Canary PENGU ETF will hold PENGU and other digital assets like Solana (SOL) and Ethereum (ETH), which are essential for transactions related to the trust’s portfolio.

According to the filing, the trust will categorize its assets into three groups:

• Portfolio Cryptocurrencies: PENGU, SOL, and ETH.
• Portfolio NFTs: Pudgy Penguins NFTs.
• Portfolio Digital Assets: A mix of the above, excluding cash assets.

Canary’s filing underscores the speculative nature of PENGU, noting there’s no guarantee of benefits or continued appreciation. The trust also specifies that ETF shareholders will not gain the rights or benefits of PENGU holders.

If approved, the Canary PENGU ETF would be the first financial product to combine memecoins and NFTs in an institutional investment vehicle.

This is not investment advice.