Canary Capital has sought approval from the U.S. Securities and Exchange Commission (SEC) to list an exchange-traded fund (ETF) that tracks the current price of the popular PEPE memecoin. The company’s application follows applications for another memecoin called MOG and the Pengu ETF in 2023.
Memecoin ETF initiatives gain momentum
Canary Capital is known as an asset management company that takes steps to transform memecoins, which have made a splash in the cryptocurrency market, into financial products. The company, which previously attracted attention with its MOG and Pengu themed ETF applications, recently submitted its S-1 application for PEPE to the SEC. This move follows the ease of ETF approvals and increased demand for crypto-focused investment products in the post-pandemic period.
The recent approval of Bitcoin and Ethereum-based funds by the SEC has also paved the way for other crypto assets. Companies began looking for new exchange-traded funds for different altcoins and memecoins where investor interest is high. The fact that the SEC’s view of cryptocurrencies has become more flexible encourages industry players.
PEPE funding application details
PEPE is known as a memecoin that was launched in April 2023 and gained recognition thanks to humorous posts on social media. It is stated that the total supply is over 420 trillion.
In its funding application, Canary Capital states that PEPE does not have any usage area and that it remains on the agenda entirely due to community interest. PEPE, which gained a large following in a short time in 2023, is one of the projects that shows the impact of humor culture in the crypto world.
It is stated that the total market value of PEPE is around 1.5 billion dollars and is traded around 0.0000036 dollars as of June 5, 2024. Recent remarkable price movements continue to create curiosity among investors.
It is also stated that Morgan Stanley’s spot Bitcoin ETF, which launched yesterday, will directly compete with BlackRock’s BTC fund. The steps taken by large institutions in the ETF field increase the fund diversity in the sector.
The US-based investment sector is witnessing new applications and innovations as interest in crypto products increases. Initiatives such as the PEPE application may also show the evolving dynamics of crypto markets in the coming period.
