Canary Capital has filed an S-1 make with the Securities and Replace Charge (SEC) to originate a crypto substitute-traded fund (ETF) that offers exposure to the PENGU token and the Fat Penguins non-fungible token (NFT) sequence.

This marks the first crypto-connected ETF offering connected to an NFT sequence.

In accordance to the submitting, the fund will put money into a portfolio consisting of PENGU tokens and NFTs from the Fat Penguins sequence.Â

Moreover, the fund will defend Solana (SOL) and Ethereum (ETH), which the submitting describes as “compulsory or incidental to the aquire, sale, and switch of the Trust’s PENGU and Fat Penguins NFTs.”Â

PENGU, the native token of the Fat Penguins ecosystem, currently has a market capitalization of $435 million. One hour after the news, the token’s mark jumped over 7% to $0.0073. Within the same period, the bottom mark of the Fat Penguins NFTs jumped by over 0.5 ETH.

Luca Netz, CEO of Fat Penguins, acknowledged the submitting, calling it “ancient past.” Igloo Inc., the dad or mum firm late the Pedgy Penguins sequence, added:

“We predict about that Fat Penguins is the face of crypto, representing innovation and the mass adoption of blockchain expertise. Being integrated on this submitting is a tough validation of that belief.”

Historically out of the box

Canary Capital has a note document of unconventional crypto-connected ETF filings. On November 12, 2024, the firm filed an S-1 make for the first Hedera (HBAR) ETF, which attracted attention as HBAR used to be outdoors the tip 20 crypto by market capitalization.Â

The circulate bowled over some analysts, reminiscent of Bloomberg senior ETF analyst Eric Balchunas, who acknowledged the usage of Google to adore what Hedera is.

This pattern has persevered in 2025. Canary filed the S-1 make for the first Axelar (AXL) ETF on March 5 and adopted up with the first Sui (SUI) ETF submitting on March 17, quickly after registering it in Delaware on March 6.Â

These filings suggest a broader effort by Canary to amplify the scope of crypto-connected ETFs beyond former sources reminiscent of Bitcoin (BTC) and Ethereum, checking out the waters with the SEC on how far the filings can scurry.

Mentioned on this text

Fat Penguins Hedera Solana Ethereum Axelar Sui Bitcoin Canary Capital Eric Balchunas

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Gino Matos

Reporter at CryptoSlate

Gino Matos is a law college graduate and a seasoned journalist with six years of expertise within the crypto industry. His expertise basically focuses on the Brazilian blockchain ecosystem and dispositions in decentralized finance (DeFi).

@pelimatos LinkedIn Electronic mail Gino

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Assad Jafri

Editor & Reporter at CryptoSlate

AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in monetary journalism, he now focuses on crypto reporting.

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