The First ETF Application for Meme Coin on the Solana Network Has Arrived: Price Reversed! - Coin Bulletin

Canary Capital announced its first Pengu ETF with an application to the SEC. The company aims to invest in the Ethereum-based Pudgy Penguins NFT project.

Canary Capital has taken an important step in the crypto world by applying for the Pengu ETF. This ETF aims to invest by including the token of the Pudgy Penguins project, PENGU, and related NFTs.

The application was announced last week with the registration statement submitted to the SEC. This type of ETF aims to provide an innovative approach among digital assets. In addition to the PENGU token, which is classified as a meme coin on the Solana network, other digital assets such as Ethereum (ETH) and Solana (SOL) will also be included in the fund's portfolio.

The PENGU token of the Pudgy Penguins project was launched in December 2024 and quickly gained popularity. Canary Capital plans to present this token and NFTs to a broader investor base in the decentralized finance ecosystem. The fund will not only be limited to these tokens and NFTs but will also include other digital assets.

In recent months, many firms have made various crypto ETF applications to obtain SEC approval. Among these are ETFs tracking different altcoins such as SOL, XRP, DOGE, and now Pengu. Canary Capital plans to file ETF applications not only for Pengu but also for other altcoins like Sui, Hedera, and Litecoin.

According to CoinGecko data, PENGU initially moved upwards but later fell below the price at which the application was submitted. As of the time of writing, PENGU is finding buyers at 0.00635 dollars.