Canary Capital Files S-1 Form with the SEC to Launch a Crypto ETF That Provides Exposure to the PENGU Token and the Pudgy Penguins NFT Collection

This marks the first crypto-related ETF offering connected to an NFT collection. According to the filing, the fund will invest in a portfolio consisting of PENGU tokens and NFTs from the Pudgy Penguins collection.

Canary Capital has filed S-1 paperwork with the U.S. Securities and Exchange Commission (SEC) for a crypto exchange-traded fund (ETF) that would provide exposure to the PENGU token and the Pudgy Penguins non-fungible token (NFT) collection, marking the first crypto-related ETF offering connected to an NFT collection.

According to the filing on Thursday, the fund will invest in a portfolio consisting of PENGU tokens and NFTs from the Pudgy Penguins collection, which are sold on the Solana blockchain.

The fund will also hold Solana (SOL) and Ethereum (ETH), which the filing describes as “necessary or incidental to the purchase, sale, and transfer of the Trust’s PENGU and Pudgy Penguins NFTs.”

PENGU, the native token of the Pudgy Penguins ecosystem, currently has a market capitalization of $435 million. One hour after the news, the token’s price jumped over 7% to $0.0073. In the same period, the floor price of the Pudgy Penguins NFTs rose by over 0.5 ETH.

Luca Netz, CEO of Pudgy Penguins, took to X, formerly known as Twitter, to acknowledge the filing, calling it “history.”

Igloo Inc, the parent firm behind the Pedgy Penguins collection, added: “We believe that Pudgy Penguins is the face of crypto, representing innovation and the mass adoption of blockchain technology. Being included in this filing is a strong validation of that belief.”

Announced in December 2021, Pudgy Penguins emerged as one of the first NFT collections to gain mainstream attention. The collection features 8,888 unique Pudgy Penguins NFTs, each with varying physical attributes and rarities.

The Pudgy Penguins NFTs have a current floor price of 18.5 ETH on OpenSea, while PENGU is trading at around $0.007 on Thursday morning.

Canary Capital has a track record of unconventional crypto-related ETF filings. On November 12, 2024, the firm filed S-1 paperwork for the first Hedera (HBAR) ETF, which attracted attention as HBAR was outside the top 20 crypto by market capitalization.

The move surprised some analysts, such as Bloomberg senior ETF analyst Eric Balchunas, who said he used Google to understand what Hedera is.

This trend has continued in 2025. Canary filed the S-1 form for the first Axelar (AXL) ETF on March 5 and followed up with the first Sui (SUI) ETF filing on March 17, shortly after registering it in Delaware on March 6.

These filings suggest a broader effort by Canary to expand the scope of crypto-related ETFs beyond traditional assets such as Bitcoin (BTC) and Ethereum, testing the waters with the SEC on how far the filings can go.

Gino Matos contributed to this report.