The asset manager submitted a Form S-1 to the U.S. Securities and Exchange Commission (SEC) on Wednesday for the CANARY PEPE ETF, which would directly track the token’s price by holding PEPE in custody. The filing also noted that up to 5% of the fund’s assets may be allocated to Ethereum (ETH) to cover transaction fees on the Ethereum network.
The move comes despite PEPE’s volatile track record and concentrated ownership structure. The token—based on the Pepe the Frog meme—rose to prominence in 2024 but remains about 85% below its all-time high.
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The filing also lands amid an evolving regulatory backdrop in the U.S., with uncertainty around crypto legislation—including the proposed CLARITY Act—still shaping how quickly such products can come to market. Canary itself acknowledged that shifting rules around both PEPE and the Ethereum network could materially impact demand and usage, adding another layer of risk to an already high-volatility asset class.
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