Canary Capital Files for PEPE Spot ETF Amid Meme Coin Market Struggles

Canary Capital has filed for a spot exchange-traded fund (ETF) tied to PEPE, the meme coin based on Pepe the Frog. The proposed ETF, called the Canary PEPE ETF, would track the live price of PEPE with all holdings held by a custodian. The trust may hold up to 5% of its assets in Ethereum to cover transaction fees on the Ethereum network.

The filing notes that ownership of PEPE is highly concentrated, as the 10 largest PEPE wallet addresses collectively held approximately 41% of the total circulating supply as of January 2026. There are currently 513,392 PEPE holders on-chain, according to Etherscan.

Canary Capital already manages several crypto ETFs tracking XRP, Solana, HBAR, and SEI. The firm also filed for an ETF tied to Mog Coin in November 2025.