Canary Capital has submitted an S-1 application to the U.S. Securities and Exchange Commission (SEC) seeking approval to list an exchange-traded fund (ETF) that tracks the spot price of the PEPE memecoin. The filing was made on Wednesday, April 8, 2026.
This move represents a significant test of regulatory boundaries, following the successful launches of spot Bitcoin and Ethereum ETFs. Issuers are now exploring how far a "more crypto-friendly SEC" will go in approving funds tied to more speculative digital assets. Canary Capital itself is no stranger to such filings, having previously applied for a fund tracking the lesser-known MOG memecoin and for the "first-ever Pengu ETF."
The filing explicitly notes that PEPE, which launched in April 2023, has a total supply of over 420 trillion tokens and "has no utility." Despite this, the token commands a substantial market capitalization of approximately $1.5 billion and was trading around $0.0000036 at the time of the report.
This development coincides with increased institutional activity in the crypto ETF space. On the same day, Morgan Stanley launched its own spot Bitcoin ETF, positioning it to compete directly with BlackRock's dominant offering.
