上周四，总部位于美国的资产经理Canary Capital向美国证券交易委员会（SEC）提出了申请

根据该文件，80-95％的ETF持有量将由Pengu组成，其中5-15％分配给了矮胖的企鹅NFT。

Last Thursday, US-based asset manager Canary Capital put in an application with the Securities and Exchange Commission (SEC) for the Canary PENGU exchange-traded fund (ETF). The fund is designed to hold both Pudgy Penguins NFTs and the PENGU token. However, the crypto community is asking if listing ETFs from NFT projects makes sense.

上周四，总部位于美国的资产经理Canary Capital向Canary Pengu交易所交易基金（ETF）的证券交易委员会（SEC）提出了申请。该基金旨在持有矮胖的企鹅NFT和Pengu代币。但是，加密社区正在询问NFT项目中列出ETF是否有意义。

According to the filing, 80-95% of the ETF’s holdings would consist of PENGU, with 5-15% allocated to Pudgy Penguins NFTs.

根据该文件，80-95％的ETF持有量将由Pengu组成，其中5-15％分配给了矮胖的企鹅NFT。

The announcement immediately started chatter across social media platforms within the Pudgy Penguins community, who questioned whether the move was a legitimate financial product or a marketing stint, especially given that Canary Capital’s social media profile picture features a Pudgy Penguin NFT.

该公告立即开始跨越矮胖的企鹅社区内的社交媒体平台，他们质疑这一举动是合法的金融产品还是营销产品，尤其是考虑到Canary Capital的社交媒体个人资料图片具有矮胖的企鹅NFT。

Does crypto need a Pudgy Penguin ETF?

加密需要矮胖的企鹅ETF吗？

After the PENGU ETF announcement, the token’s price initially surged nearly 10% to $0.0075. However, towards the end of March 21 business hours, it had dropped to $0.0062, an 8.63% decline over 24 hours. Trading volume spiked to $135 million within the same period, but the token failed to maintain its gains.

在Pengu ETF宣布之后，令牌的价格最初飙升了近10％至0.0075美元。但是，到3月底，营业时间已降至0.0062美元，在24小时内下降了8.63％。交易量在同一时期飙升至1.35亿美元，但令牌未能维持其收益。

Gensler watching $Pengu's ETF pic.twitter.com/480QCYqqvc

观看$ Pengu的ETF pic.twitter.com/480qcyqqvc

— Dan (@0xflux_) March 20, 2025

- 和（@0xflux_）2025年3月20日

The filing sparked mixed reactions in the crypto community, with some investors opining that we don’t need an ETF for an asset that is "already down 90% over four months."

该文件引发了加密货币社区的混合反应，一些投资者认为，我们不需要ETF来获得“四个月内已经下跌了90％的资产”。

“A $PENGU ETF might be the dumbest thing I’ve seen lately. We don’t even need ETFs for 'ghost chains,' let alone a memecoin under six months old. If ‘boomers' aren’t even into ETH or SOL, why would they touch something called PENGU?” argued one X user.

“ $ pengu ETF可能是我最近见过的最愚蠢的东西。我们甚至不需要ETF来'鬼链'，更不用说六个月以下的成员了。如果“潮一代”甚至不喜欢ETH或SOL，为什么他们会碰到所谓的Pengu呢？”争论一个X用户。

Bloomberg’s Senior ETF Analyst, Eric Balchunas, was also surprised by the filing, commenting, “This is the Second ETF filing this week that I had to Google. Pudgy Penguins?”

彭博社的高级ETF分析师埃里克·巴尔库纳斯（Eric Balchunas）也对文件感到惊讶，并评论说：“这是本周我必须向Google Google的第二份ETF文件。

Another Ethereum analyst shared PENGU’s price chart in his post, which showed the token’s price downtick in the last four months. “An ETF of an asset that is based on cartoon JPEGS and is down 90% in four months. Ya, that makes sense,” he reckoned.

另一位以太坊分析师在他的帖子中分享了彭格的价格表，该帖子显示了代币在过去四个月中的价格降低。他说：“一种基于卡通jpegs的资产的ETF，在四个月内下降了90％。是的，这是有道理的。”

An ETF of an asset that is based of cartoon jpegs and is down 90% in 4 months. Ya that makes sense. pic.twitter.com/pZu84jJx1v

基于卡通JPEG的资产的ETF，在4个月内下降了90％。是的，这很有意义。 pic.twitter.com/pzu84jjx1v

— ₿rett (@brett_eth) March 21, 2025

- ₿rett（@brett_eth）2025年3月21日

Crypto influencer CryptoRexy told his followers that a PENGU ETF looked less like “innovation and more like a clout-chasing spree.”

加密影响者Cryptorexy告诉他的追随者，Pengu ETF看起来不像是“创新，更像是在角膜紧影响的狂潮”。

“Filing for a PENGU ETF just screams, ‘Let’s see what sticks.’ The low filing cost explains the flood, but actual approval? That’s a whole different story.” CryptoRexy propounded.

“为pengu ETF申请，只是尖叫，'让我们看看什么粘住。'较低的申请成本解释了洪水，但实际认可是一个完全不同的故事。” Cryptorexy提出了。

Is the bar too low for ETF filings?

酒吧对于ETF备案而言太低了吗？

The surge in altcoin crypto ETF applications has raised questions about whether firms are exploiting the SEC filing process for publicity. The financial regulator, under the Trump administration, is now more supportive of digital currencies.

Altcoin Crypto ETF应用程序的激增提出了有关公司是否利用SEC申请程序进行宣传的问题。特朗普政府领导下的金融监管机构现在更加支持数字货币。

According to researcher Jason Chen, the cost of submitting an S-1 filing is relatively low. “The only hard requirements are being a US-registered financial firm and spending around $100K to draft the S-1. That’s it,” Chen wrote in a public note on March 7.

根据研究人员Jason Chen的说法，提交S-1备案的成本相对较低。陈在3月7日的公开票据中在公开票据中写道：“唯一的困难要求是一家经美国注册的金融公司，花费约1万美元来起草S-1。”

Earlier this year, Canary Capital also filed for an AXL-tracking ETF, which some analysts viewed as an attempt to manipulate market sentiment. “AXL’s price pumped after the news, but let’s be real—it’s nowhere near ETF-worthy. Canary itself is a six-month-old startup. The timing of this media frenzy reeks of manipulation,” Chen wrote.

今年早些时候，Canary Capital还申请了AXL追踪ETF，一些分析师认为这是操纵市场情绪的尝试。 “ Axl的价格在新闻之后提高了，但让我们成为现实 - 远不及ETF的价格。Canary本身是一家六个月大的初创公司。这种媒体疯狂的操纵时机的时机，” Chen写道。

Canary Capital pushes for more altcoin ETFs

金丝雀资本推动更多altcoin ETF

The PENGU ETF is not Canary Capital’s first venture into crypto ETF filings. In recent months, the firm has submitted proposals for funds tied to Solana (SOL), XRP, and other digital assets. While none have received regulatory approval, the filings have often coincided with brief price surges in the associated tokens.

Pengu ETF不是Canary Capital首次涉及加密ETF文件。最近几个月，该公司已提交了与Solana（Sol），XRP和其他数字资产相关的资金。尽管没有人获得监管机构的批准，但这些文件通常与相关令牌中的短暂价格激增相吻合。

About a week ago, Canary Capital made public its plans for a SUI ETF just days after Trump-affiliated decentralized finance (DeFi) platform World Liberty Financial (WLFI) stated that it would add Sui assets to its token reserve and explore related product development.

大约一周前，Canary Capital在特朗普相关的分散融资（DEFI）平台世界自由金融（WLFI）的几天后就公开了SUI ETF的计划。

Following this news, SUI’s price has jumped to $2.43. Although the token is up 41.96% over the past year, it has dropped by approximately 27% in the past

此消息之后，Sui的价格上涨至2.43美元。尽管代币在过去一年中增长了41.96％，但过去却下降了约27％