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According to the S-1 filing submitted to the U.S. Securities and Exchange Commission (SEC), cryptocurrency asset manager Canary Capital has applied for a new exchange-traded fund (ETF) based on NFTs. The application anticipates that the ETF will invest in the Pudgy Penguins NFT project. The filing indicates that the investments could encompass direct holdings of Pudgy Penguins NFTs, the PENGU token, and other cryptocurrencies like ETH and SOL.
NFT-Centric ETF Insights
The S-1 filing prepared by Canary Capital reveals that the product, marketed as the “Canary PENGU ETF,” will include project-specific NFTs and related tokens, alongside other cryptocurrencies that support necessary or ancillary activities. This structure aims to provide investors with access to opportunities both focused on projects and within the broader cryptocurrency market.
Among Canary Capital’s other ETF applications are those for Solana 
$172, XRP, SUI, Litecoin, Axelar, and Hedera, making this initiative noteworthy in the market. These applications reflect the growing interest in the ETF market and the evolving regulatory landscape.
Rising Interest in Crypto ETFs
Following the SEC’s approval of the first spot Bitcoin 
$104,275 ETFs in January 2024, the anticipated approvals for ETH-based products are seen as significant developments for the market. However, altcoin ETF applications surged as the U.S. government reshaped the SEC, which has encouraged issuers.
Additionally, the launch of BTC-ETH ETFs co-developed by Franklin Templeton and Hashdex signals different facets of the sector. There are currently over 40 ETF applications, with multiple submissions for assets like SOL Coin. With many of these applications approaching critical decision deadlines by year-end, the market is poised for dynamic activity.
Canary Capital’s filing illustrates the pursuit of alternative products for investors while closely monitoring regulatory advancements in the digital asset space. Market observers and investors looking to track developments are carefully evaluating the approval process for these ETF applications.
