Canary Capital Pushes Crypto ETF Frontier Further With PEPE Filing

Canary Capital Group filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking PEPE Coin (PEPE).

The proposed Canary PEPE ETF would hold the Ethereum (ETH)-based meme coin directly, mirroring the structure of existing spot ETFs. 

According to the filing, the Canary PEPE ETF would sell or redeem shares in baskets of 10,000 units. The prospectus leaves the listing exchange, pricing benchmark, and digital asset custodian unnamed.

“The Trust’s investment objective is to seek to provide exposure to the price of PEPE Coin (“PEPE”) held by the Trust, less the expenses of the Trust’s operations and other liabilities,” the filing reads.

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A small portion of the Trust’s assets, capped at 5%, would initially be held in ETH to cover transaction fees on Ethereum. However, the asset manager stressed that the ETF will not “hold ETH for investment purposes.”

In addition to PEPE, Canary submitted an S-1 for a Mog Coin (MOG) ETF in November 2025 and has filed for funds tracking Pudgy Penguins (PENGU), Axelar (AXL), and others.

For now, Dogecoin (DOGE) is the only meme coin with live ETFs in the US. Three spot funds from Grayscale, 21Shares, and Bitwise trade on the NYSE and the Nasdaq.

However, demand remains thin. SoSoValue data shows that cumulative net inflows across all three totaled just $7.64 million as of April 8, with combined daily volume barely topping $209,000

Meanwhile, the news had little impact on PEPE’s price. The meme coin traded near $0.0000035 at press time.

PEPE Price Performance. Source: BeInCrypto Markets

The token fell by more than 4.8% over 24 hours as broader geopolitical uncertainty continued to pressure risk assets.

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