Canary has submitted an amended S-1 filing with the U.S. Securities and Exchange Commission for its proposed PEPE exchange-traded fund, moving the memecoin one step further into the U.S. ETF application process.
Fund Would Track PEPE Price Via Trust
According to the revised filing, the Canary PEPE ETF intends to list on Cboe BZX. The investment objective of the proposed fund would be to provide exposure to the price of PEPE held by the trust, after accounting for operating expenses and other liabilities.
The filing also outlines how the fund’s net asset value would be calculated. The NAV would be based on the CoinDesk PEPE Benchmark Rate, which uses a 60-minute New York price for PEPE.
Balchunas Flags Shifting Market Conditions
The revised filing has attracted attention because of the changing environment around crypto investment products in the United States. Bloomberg ETF analyst Eric Balchunas commented on X that Canary had revised its Pepe ETF filing again. He suggested that the development could be another indication that market conditions have changed significantly from earlier periods.
Canary just amended their Pepe ETF filing… arguably another sign crypto winter has ended. You just weren’t going to even think about launching a Pepe ETF a few months ago. Feels safer to test market now. https://t.co/7UBxit0m2y
— Eric Balchunas (@EricBalchunas) October 2, 2026
According to ChainCatcher, Balchunas said that only a few months earlier, the market might not have seriously considered the possibility of launching a PEPE ETF. The latest filing suggests that testing investor demand for such a product now appears more viable.
PEPE is a memecoin, making the proposed ETF notable because it would extend the ETF structure beyond more established digital assets and into a token associated with the memecoin market.
Approval Still Pending From Regulators
However, the amended S-1 filing does not by itself mean the ETF has been approved. The proposed product remains subject to the regulatory process involving the SEC.
The latest filing nevertheless demonstrates that Canary continues to pursue the product and has updated its application. If approved and listed, the ETF would provide investors with a regulated market product designed to track PEPE exposure through the trust rather than requiring direct ownership of the token.
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