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

Crypto asset managers proceed to wager massive on altcoins, with the most recent exchange-traded fund issuer, Canary Capital, in search of regulatory approval to listing a fund monitoring Pudgy Penguins (PENGU).Nashville, Tennessee-based Canary Capital on Thursday filed an S-1 type in search of approval from the U.S. Securities and Trade Fee for its Canary PENGU ETF—a fund that may maintain each the token in query and NFTs from the distinguished Ethereum NFT assortment.PENGU is the Solana-based token of the Pudgy Penguins NFT venture. The token launched in January, capturing up in worth earlier than crashing arduous alongside most different meme cash. It is now priced 90% under the excessive of $0.068 it touched following its launch, CoinGecko information reveals. The token noticed a short-lived value spike Thursday following the announcement, however has since misplaced that momentum and is down by 2% on the day. PENGU is the 161st most beneficial cryptocurrency by market cap, as of this writing.Demand for smaller cash and tokens is pushing asset managers to file purposes with the SEC—a byproduct of the extra crypto-friendly insurance policies of U.S. President Donald Trump. Pudgy Penguins CEO Luca Netz informed Decrypt that the venture was “excited to be part of crypto historical past with the primary NFT and coin submitting.”ETFs are fashionable funding autos that commerce on inventory exchanges and provides buyers publicity to an underlying asset. The SEC gave the inexperienced mild to Bitcoin ETFs final yr, resulting in a flood of capital into the area. Then, in July, Ethereum ETFs began buying and selling after the regulator quietly permitted the merchandise. The funds have not been as profitable as their Bitcoin counterparts, however demand for crypto-focused merchandise in conventional monetary kinds has been sturdy. Canary Capital, VanEck, 21Shares and Bitwise, are amongst these attempting to get ETFs monitoring cash reminiscent of XRP, Solana, and Litecoin, amongst others, in the marketplace for U.S. buyers.Edited by James Rubin and Andrew HaywardDaily Debrief NewsletterStart every single day with the highest information tales proper now, plus unique options, a podcast, movies and extra.