Canary Capital has amended its registration for a proposed spot PEPE exchange-traded fund, taking another procedural step toward a possible launch. The amendment was filed with the U.S. Securities and Exchange Commission on Oct. 2. The proposed trust would hold PEPE directly and track the token’s price, minus operating expenses and other liabilities, with an intended listing on Cboe BZX.
Bloomberg ETF analyst Eric Balchunas described the move as “arguably another sign crypto winter has ended” in a post on X. He noted that investors would not have seriously considered launching a Pepe ETF just months ago, and that issuers now appear willing to test demand for products tied to some of crypto’s most speculative assets. The original filing was first submitted in April, when Dogecoin was the only meme coin with active U.S. ETFs. The latest update does not represent an approval or guarantee that trading will begin.
The renewed attention comes as meme coin activity strengthens. CoinGecko data places the meme-token sector around $34.4 billion in market capitalization. PEPE itself has a market value of roughly $1.78 billion and a 24-hour trading volume of nearly $346 million. The token rose about 7% over the past week and 23% over the past month, showing a monthly rebound after an extended period of weakness.
Broader trading data adds context. On Sept. 1, meme coins and stock pairs reportedly generated $217.6 million in daily volume on Robinhood Chain, out of total network volume of $389.5 million. The chain processed more than 5.5 million daily transactions and recorded $1.56 billion in decentralized exchange volume. For now, the PEPE ETF remains a proposed product awaiting regulatory review, but the amendment gives traders another reason to watch how far crypto’s renewed appetite for risk can extend.
