Pengu Spot ETF：第一個基於NFT的加密貨幣交換基金

2024年1月標誌著加密貨幣行業的關鍵點：美國證券交易委員會（SEC）批准了一堆比特幣（BTC）現貨交易所交易基金（ETFS）

January 2024 saw a pivotal moment in the crypto industry: the US Securities and Exchange Commission (SEC) approved a batch of Bitcoin (BTC) Spot exchange-traded funds (ETFs) after a decade of resisting them. Later that year, several Ethereum (ETH) Spot ETFs were also approved. These early successes encouraged investment funds focused on digital assets to seek approvals for other altcoins, with ETF applications for Dogecoin (DOGE),Polkdot (DOT), Solana (SOL),Avalanche (AVAX) and other high-cap cryptos ending up on the SEC's desk in recent months.

2024年1月，加密貨幣行業的關鍵時刻：美國證券交易委員會（SEC）批准了一批比特幣（BTC）現貨交換基金（ETFS），經過十年的抵制後。那年晚些時候，還批准了幾個以太坊（ETH）ETF。這些早期的成功鼓勵著專注於數字資產的投資資金，以尋求其他AltCoins的批准，ETF申請Dogecoin（Doge），Polkdot（DOT），Solana（Solana），Avalanche（Avax）（Avax）（Avax）和其他高CAP加密貨幣，最終在SEC的桌子上近幾個月。

However, until March 20, 2025, one type of crypto ETF application had never been submitted — an NFT-based crypto ETF product. Such a move would have seemed nearly impossible given how stringently and at length the SEC evaluated ETF applications even for well-established fungible cryptos. And yet, the Canary Capital investment manager submitted an application to the SEC for approval of the first NFT-focused crypto ETF product, the PENGU Spot ETF, sparking a mini-revolution in the emerging space at the junction of crypto and traditional finance.

但是，直到2025年3月20日，從未提交過一種加密ETF應用程序 - 一種基於NFT的加密ETF產品。鑑於SEC對良好的可及性加密貨幣的評估了ETF應用程序，這種舉動似乎幾乎是不可能的。然而，金絲雀投資經理向SEC提交了一份申請，以批准以NFT為重點的加密ETF產品Pengu Spot ETF，在加密貨幣和傳統金融交界處引發了新興領域的迷你革命。

If approved, this ETF will be the first of its kind in the industry and will be based on a mix of PENGU tokens and Pudgy Penguins NFTs. Many observers expect that Canary Capital will face an uphill battle to get the SEC's endorsement for this groundbreaking product. Nevertheless, the SEC now has a track record of approving crypto ETFs — which raises hopes for both the altcoin ETFs mentioned above and the PENGU Spot ETF application.

如果獲得批准，該ETF將是該行業中的第一個此類ETF，並將基於Pengu代幣和矮胖的企鵝NFT的組合。許多觀察家期望Canary Capital將面臨一場艱苦的戰鬥，以獲得SEC對這種開創性產品的認可。然而，SEC現在有批准加密ETF的記錄，這對上述altcoin ETF和Pengu Spot ETF應用都提出了希望。

What is the PENGU Spot ETF?

什麼是Pengu Spot ETF？

The Pengu Spot ETF is a proposed exchange-traded fund (ETF) product introduced by the Canary Capital investment management firm, and is currently awaiting approval by the SEC.Canary Capital submitted the application on March 20, 2025, making this the first crypto ETF product with an NFT component that’s vying for the approval of America’s primary financial regulator. The ETF has been registered in the US state of Delaware.

Pengu Spot ETF是Canary Capital Investment Management公司介紹的擬議交易所交易基金（ETF）產品，目前正在等待SEC的批准。 CanaryCapital於2025年3月20日提交了該申請，這使得該申請成為第一個具有NFT組件的Crypto ETF產品，該產品具有NFT組件，以批准美國的主要金融監管機構。 ETF已在美國特拉華州註冊。

The Pengu Spot ETF's portfolio is envisioned as consisting primarily of PENGU tokens that will make up anywhere between 80% and 95% of total assets held, with the rest allocated to Pudgy Penguins NFTs. Small portions of Solana's SOL coins and Ethereum's ETH tokens will also be included in order to facilitate transactions and liquidity support, as PENGU tokens are mainly issued on the Solana blockchain, and Pudgy Penguins NFTs are an Ethereum-based collection.

Pengu Spot ETF的投資組合被設想為主要由Pengu代幣組成，該代幣將佔持有總資產的80％至95％的任何位置，其餘分配給了矮胖的企鵝NFT。為了促進交易和流動性支持，Solana的Sol Coins和Ethereum的ETH代幣的一小部分也將包括在內，因為Pengu令牌主要是在Solana區塊鏈上發行的，而Pudgy Penguins NFTS是基於以太坊的藏品。

Since Canary Capital will be holding these assets and periodically rebalancing the portfolio, gas fee payments on Solana and Ethereum will apply, with fees paid in SOL and ETH, respectively.

由於Canary Capital將持有這些資產並定期重新平衡投資組合，因此Solana和Ethereum的汽油費用將分別適用，分別支付了SOL和ETH的費用。

Launched in 2021 on Solana, the Pudgy Penguins NFT collection consists of 8,888 items, each depicting a cute penguin with a distinct combination of five different traits. In December 2024, the project introduced a related fungible cryptocurrency, the Ethereum-based PENGU token. As of April 2, 2025, PENGU is a smaller-cap asset, ranked 191st in the crypto market, with a total market cap of $319 million. In contrast, Pudgy Penguins are among the leading projects in the NFT space, ranked second among all NFT collections, with a market cap of $155 million.

矮胖的企鵝NFT系列於2021年推出，由8,888個項目組成，每個產品都描繪了一個可愛的企鵝，具有五個不同特徵的獨特組合。 2024年12月，該項目推出了相關的基於以太坊的Pengu代幣的相關可函數加密貨幣。截至2025年4月2日，Pengu是一項小型資產，在加密貨幣市場中排名第191，總市值為3.19億美元。相比之下，矮胖的企鵝是NFT領域的主要項目之一，在所有NFT收藏中排名第二，市值為1.55億美元。

Source: dappradar.com

資料來源：dappradar.com

Canary Capital's application to the SEC is unique in two ways: it’s the first instance of an NFT-based ETF product submitted for approval to the SEC, and it marks the first time ETF approval has been sought for a relatively smaller-cap cryptocurrency, PENGU, which isn’t even among the top 100 crypto assets by market cap. All of the other crypto ETF applications approved by the SEC (or currently vying for approval) are based on high-cap, leading assets that are typically ranked within the top 30.

Canary Capital在SEC上的應用是獨一無二的：這是提交給SEC批准的基於NFT的ETF產品的第一次實例，它標誌著第一次尋求ETF批准的pengu，即相對較小的加密貨幣Pengu，它甚至不是市場上限的前100個加密貨幣資源。 SEC批准的所有其他加密ETF應用程序（或當前爭奪批准）均基於高額股票，領先的資產通常在前30名中排名。

Current landscape of the PENGU Spot ETF

Pengu Spot ETF的當前景觀

As of April 2, 2025, the SEC has had the application for the PENGU Spot ETF in hand for just two weeks. The regulator has up to 240 days to review such applications, although historically, the SEC has pondered over crypto ETF applications for years. Now, however, the string of Bitcoin and Ethereum Spot ETF approvals in 2024 raises hopes that newer submissions may be subject to an already established evaluation framework — and thus greenlighted much faster.

截至2025年4月2日，SEC已將手頭的Pengu Spot ETF申請了兩週。該監管機構有長達240天的時間來審查此類申請，儘管從歷史上看，SEC多年來一直在考慮加密ETF應用程序。但是，現在，2024年的比特幣和以太坊斑點ETF的批准提高了希望，希望更新的提交可能會受到已經建立的評估框架的約束，從而更快地進行了綠色。

At the moment, the SEC is also considering spot ETF applications for several high-cap cryptocurrencies, including Dogecoin,Solana,Polkdot, Litecoin (LTC) and XRP (XRP). If the regulator decides to approve the applications in batch mode — all or several at once — Canary Capital will have reason to hope that its ETF is included.

目前，SEC還考慮了幾種高型加密貨幣的斑點ETF應用，包括Dogecoin，Solana，Polkdot，Litecoin（LTC）和XRP（XRP）。如果監管機構決定以批處理模式（一次或幾個）批准申請，則金絲雀資本將有理由希望包括其ETF。

However, there's been

但是，有