Canary Capital has submitted an application for the US Pepe ETF
Asset management company Canary Capital is looking to launch an exchange-traded fund (ETF) tied to the PEPE memecoin.
On Wednesday, Canary filed a Form S-1 for the CANARY PEPE ETF with the US Securities and Exchange Commission. EEF monitors the performance of PEPE, all trusted PEPEs are held by a custodian.
ETF trusts can hold up to 5% of the trust's assets on the Ethereum network to pay transaction fees in Ether (ETH).
Canary Capital, which also offers several other crypto ETFs tracking XRP (XRP), Solana (SOL), Hedera (HBAR), and Sei (SEI), has launched several other crypto ETF products in recent months.
In the year In November 2025, Canary Capital registered to launch Mog Coin, an ETF that tracks the value of memecoin, the 353rd largest by market capitalization behind PEPE, which ranks 45th.
PEPE, a memecoin based on Pepe the Frog, is the most adopted social media in 2024. The token is roughly 9% of the largest memecoin by market cap, Dogecoin (DOGE).
Greyscale's Dogecoin ETF debuted in November but fell short of initial volume expectations. ETF analyst Eric Balchunas predicted at the time that ETFs would receive at least $12 million in volume. However, the ETF only saw $1.4 million on its first day.
The proposed ETF also comes despite the Pepe token, which has fallen almost 85% since its December 2024 all-time high of $0.00002368, according to CoinMarketCap.
According to Eterscan data, there are currently 513,392 PEPE holders. Canary Capital has warned investors that its ownership of the token is “very concentrated”. “As of January 2026, the ten largest PEPE wallet addresses together account for 41% of the total circulating supply,” the filing said.
The Altcoin season may end with the launch of more ETFs.
Analysts have previously said that the next altcoin cycle could be halted by more crypto ETFs starting on the risk curve.
However, Matt Hogan, the chief investment officer of the investment company Bitwise, said that the traditional altcoin cycle ended in March, and that institutional investors are focused on digital instruments that provide yield or crypto assets that hold income.
Fabian Dorey, chief investment officer at Signum Bank, told Cointelegraph in December that the number of new ETF filings will increase by 2026, driven by US crypto regulations.
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“We expect that new documents will continue to be issued above BTC and ETH, based on the possible passage of the Clarity Act,” Dorey said.
However, the U.S. Transparency Act did not pass as quickly as industry participants had hoped, largely due to continued disagreement over stablecoin production.
Canary Records warned that the regulations for the use of Pepe and the Ethereum network in the US “will continue to evolve,” which could affect Pepe's use and demand.
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