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Canary Capital has filed with the US Securities and Exchange Commission for the first spot PEPE ETF. The move pushes meme coins deeper into the regulated crypto investment race. It also places SEC approval at the center of the next test for alternative crypto funds.
The filing marks a clear shift in strategy. Until now, crypto ETF efforts have centered on Bitcoin and Ethereum. This proposal moves toward a meme coin with strong liquidity, active trading, and a global online community.
The filing came through an S-1 registration statement. This document starts the public offering process for a new security. In this case, it lays out the fund’s structure, custody plan, and risks.
Unlike futures-based products, the proposed ETF would hold spot PEPE. This means the trust would own the underlying tokens directly. A regulated custodian would manage those holdings for the fund.
The filing also allows the trust to hold up to 5% of its assets in Ether. Canary says the ETH would only cover Ethereum network fees. It would not serve as an investment target.
Canary frames PEPE as more than a speculative internet token. The firm points to the asset’s market depth, trading volume, and broad community participation. Those factors support its case for an institutional product.
At the same time, the filing suggests a wider change in institutional strategy. It moves beyond large-cap crypto assets and into a meme coin sector that was once outside traditional finance.
In turn, analysts say a regulated PEPE ETF could give traditional investors a simpler route into the asset. It would avoid private key management and reduce reliance on decentralized exchanges.
Will the SEC approve a spot ETF tied to a meme coin?
The filing includes specific market data on PEPE. Canary says the token launched in April 2023 with a total supply of 420.69 trillion. As of April 8, 2026, PEPE traded near $0.000003585.
The same filing valued PEPE at about $1.48 billion. It also ranked the token as the 45th-largest digital asset on CoinMarketCap at the time. Those figures place PEPE among the market’s larger alternative tokens.
Still, the filing also notes ownership concentration. The ten largest wallet addresses held about 41% of the circulating supply. The sponsor adds that some of those wallets may reflect exchange omnibus holdings.
Also Read: First Solana ETF Filing with Staking Submitted by Canary Capital Amid SEC Delays
Meanwhile, Canary’s PEPE proposal fits into a broader push for more diverse crypto ETFs. The firm has already pursued an MOG coin ETF. Recent reports also link it to products tied to XRP, Solana, Hedera, and Sei.
As 2026 moves forward, the race for varied crypto ETF products continues to expand. In this setting, the PEPE filing could open the door for more meme coin proposals. It also tightens the link between online asset culture and Wall Street structures.
For now, the filing remains an opening step. The prospectus says the registration statement is incomplete. The trust cannot sell securities until the SEC declares it effective.
Canary Capital’s filing for a Spot PEPE ETF marks a notable expansion in the crypto ETF race, taking meme coins closer to regulated finance. The proposal outlines direct PEPE exposure, limited ETH use for fees, and key market risks, while leaving SEC approval as the next major test for this product.
