On Thursday, the US -based asset manager Canary Capital applied with both Pudgy Penguins NFTs and the Canary Pengu Stock Exchange (ETF), a fund designed to hold the Pengu Token, and the Stock Exchange Commission (SEC). However, the crypto community asks if it is possible to list ETFs from NFT projects.
According to the file, 80-95% of ETF’s holdings would consist of Pengu and 5-15% would be allocated to Pudgy Penguins NFTs.
. announcement Considering that Canary Capital’s social media profile picture contains a chunky penguin NFT, he began to speak on social media platforms in the Pudgy Penguins community, questioning whether the movement had a legitimate financial product or marketing trail.
Does the crypto need a Pudgy Penguin ETF?
After the Pengu ETF announcement, the price of the coin initially increased by 10% to $ 0.0075. However, towards the end of the March 21 working hours, it fell to $ 0.0062, a decrease of 8.63% for 24 hours. The trade volume rose to $ 135 million in the same period, but the coin could not maintain its earnings.
Watching gens $ PenguETF pic.twitter.com/480qCyqqvc
– Dan (@0xflux_) March 20, 2025
The filing caused mixed reactions in the crypto community and some investors used ETF unnecessary.
“A $ Pengu Etf could be the most stupid thing I’ve ever seen. We don’t even need ETFs for ‘ghost chains’, allow a six -month breast. If ‘Boomers’ does not even enter ETH or SOL, why do they touch something called Pengu?”An X user discussed.
Bloomberg’s senior ETF analyst Eric Balchunas was stunned by filing with filing, “This This is the second ETF file I have Google this week. Pudgy Penguins?”
Another Ethereum analyst shared Pengu’s price table in his position, which showed the price decrease of the coin in the last four months. “ETF of a being based on cartoon JPEGs and falling 90% in four months. Ya, that makes sense”He took into account.
ETF of a being based on cartoon JPEGs and falling 90% in 4 months. Either that makes sense. pic.twitter.com/pzu84jx1v
– ₿rett (@brett_eth) March 21, 2025
Crypto Influencer Cryptorexy said Pengu ETF’s followers that it seems to be less “innovation and frenzy that chases more influence”.
“Filing for a penguial ETF is just shouting ‘Let’s see what sticks to’. Flooding low filing costs, but does it explain the actual approval? This is a completely different story. “Cryptorexy suggested.
Is it too low for bar ETF files?
The increase in Altcoin Crypto ETF applications has shown questions about whether companies have benefited from the Post Files process for promotion. Under the Trump administration, the financial regulatory is now more supporting digital currencies.
According to the researcher Jason Chen, the cost of offering a S-1 filing is relatively low. “The only difficult requirements is to be a US registered financial company and spend about $ 100,000 to prepare S-1. This is it“Chen wrote on March 7 with a public note.
Earlier this year, Canary Capital also applied to the AXL monitoring ETF, which some analysts saw as an attempt to manipulate market sense. “The price of AXL was pumped after the news, but let’s be true-not worthy of the ETF. Canary itself is a six-month initiative. The timing of this media madness timing of manipulationChen wrote.
Canary Capital pushes for more Altcoin ETF
Pengu ETF is not the first venture of Canary Capital to crypto ETF files. In recent months, the company has offered suggestions for funds connected to Solana (left), XRP and other digital assets. Although none of them have obtained the regulatory approval, applications often overlap with short price increases in associated markers.
About a week ago, the Canary Capital made it open to the public. plans He said that only days later from the World Liberty Financial (WLFI) platform, the decentralized finance (defi) platform -related Platform, he would add water assets to the marker reserve and discover the relevant product development.
Following this news, the price of Sui rose to $ 2.43. Although the coin increased by 41.96% last year, fallen Approximately 27% last month.
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