Pengu Spot ETF：第一个基于NFT的加密货币交换基金

2024年1月标志着加密货币行业的关键点：美国证券交易委员会（SEC）批准了一堆比特币（BTC）现货交易所交易基金（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，加密货币行业的关键时刻：美国证券交易委员会（SEC）批准了一批比特币（BTC）现货交换基金（ETFS），经过十年的抵制后。那年晚些时候，还批准了几个以太坊（ETH）ETF。这些早期的成功鼓励着专注于数字资产的投资资金，以寻求其他AltCoins的批准，ETF申请Dogecoin（Doge），Polkdot（DOT），Solana（Solana），Avalanche（Avax）（Avax）（Avax）和其他高CAP加密货币，最终在SEC的桌子上近几个月。

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，从未提交过一种加密ETF应用程序 - 一种基于NFT的加密ETF产品。鉴于SEC对良好的可及性加密货币的评估了ETF应用程序，这种举动似乎几乎是不可能的。然而，金丝雀投资经理向SEC提交了一份申请，以批准以NFT为重点的加密ETF产品Pengu Spot ETF，在加密货币和传统金融交界处引发了新兴领域的迷你革命。

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.

如果获得批准，该ETF将是该行业中的第一个此类ETF，并将基于Pengu代币和矮胖的企鹅NFT的组合。许多观察家期望Canary Capital将面临一场艰苦的战斗，以获得SEC对这种开创性产品的认可。然而，SEC现在有批准加密ETF的记录，这对上述altcoin ETF和Pengu Spot ETF应用都提出了希望。

What is the PENGU Spot ETF?

什么是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公司介绍的拟议交易所交易基金（ETF）产品，目前正在等待SEC的批准。CanaryCapital于2025年3月20日提交了该申请，这使得该申请成为第一个具有NFT组件的Crypto ETF产品，该产品具有NFT组件，以批准美国的主要金融监管机构。 ETF已在美国特拉华州注册。

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的投资组合被设想为主要由Pengu代币组成，该代币将占持有总资产的80％至95％的任何位置，其余分配给了矮胖的企鹅NFT。为了促进交易和流动性支持，Solana的Sol Coins和Ethereum的ETH代币的一小部分也将包括在内，因为Pengu令牌主要是在Solana区块链上发行的，而Pudgy Penguins NFTS是基于以太坊的藏品。

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.

由于Canary Capital将持有这些资产并定期重新平衡投资组合，因此Solana和Ethereum的汽油费用将分别适用，分别支付了SOL和ETH的费用。

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.

矮胖的企鹅NFT系列于2021年推出，由8,888个项目组成，每个产品都描绘了一个可爱的企鹅，具有五个不同特征的独特组合。 2024年12月，该项目推出了相关的基于以太坊的Pengu代币的相关可函数加密货币。截至2025年4月2日，Pengu是一项小型资产，在加密货币市场中排名第191，总市值为3.19亿美元。相比之下，矮胖的企鹅是NFT领域的主要项目之一，在所有NFT收藏中排名第二，市值为1.55亿美元。

Source: dappradar.com

资料来源：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上的应用是独一无二的：这是提交给SEC批准的基于NFT的ETF产品的第一次实例，它标志着第一次寻求ETF批准的pengu，即相对较小的加密货币Pengu，它甚至不是市场上限的前100个加密货币资源。 SEC批准的所有其他加密ETF应用程序（或当前争夺批准）均基于高额股票，领先的资产通常在前30名中排名。

Current landscape of the PENGU Spot ETF

Pengu Spot ETF的当前景观

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已将手头的Pengu Spot ETF申请了两周。该监管机构有长达240天的时间来审查此类申请，尽管从历史上看，SEC多年来一直在考虑加密ETF应用程序。但是，现在，2024年的比特币和以太坊斑点ETF的批准提高了希望，希望更新的提交可能会受到已经建立的评估框架的约束，从而更快地进行了绿色。

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还考虑了几种高型加密货币的斑点ETF应用，包括Dogecoin，Solana，Polkdot，Litecoin（LTC）和XRP（XRP）。如果监管机构决定以批处理模式（一次或几个）批准申请，则金丝雀资本将有理由希望包括其ETF。

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