Canary Capital has filed with the US Securities and Exchange Commission to launch a spot PEPE ETF, taking the memecoin trade deeper into the US fund market.
The proposed fund is called the Canary PEPE ETF. It would hold PEPE directly through a custodian and track the token’s price. The filing also says the trust may hold up to 5% of its assets in Ether to pay transaction fees on the Ethereum network.
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The PEPE ETF filing adds another product to Canary Capital’s growing crypto ETF list. The firm has already filed for or pursued funds linked to assets including XRP, Solana, Hedera, Sei, and earlier, Mog Coin. That makes the new spot PEPE ETF part of a broader push to bring smaller crypto assets into listed investment products.
The filing arrives while PEPE price remains far below its peak. CoinMarketCap shows PEPE reached an all-time high of $0.00002825 on Dec. 9, 2024. Current market data on the same page shows the token remains down by about 87% from that level.
PEPE ETF filing puts Canary Capital deeper into memecoin funds
The SEC filing says the trust’s goal is to reflect the value of PEPE held by the trust, before expenses and liabilities. In simple terms, the proposed spot PEPE ETF would not use futures contracts. Instead, it would hold the token itself. That structure matches how spot crypto funds are usually designed.
The same filing says a small Ether allocation may be necessary for network operations. It states that up to 5% of trust assets may be held in ETH only for transaction fees tied to moving or handling PEPE on Ethereum. The document does not frame that ETH balance as a separate investment strategy.
This is not Canary Capital’s first move into memecoin territory. In November 2025, the firm filed for an ETF tied to Mog Coin. The PEPE ETF filing therefore continues a pattern rather than marking a one-off attempt.
PEPE price and holder data show the backdrop behind the PEPE ETF
Market data gives more context to the Pepe ETF filing. CoinMarketCap lists PEPE among the larger memecoins by market value, but still well below Dogecoin. The token’s price page also shows that PEPE has lost most of the gains made during its late 2024 run.
Onchain data also shows how widely the token is held. Etherscan lists more than 513,000 holders for PEPE. That is a large holder base for a memecoin, although the exact count changes over time as wallets enter and leave the network.
At the same time, the filing warns that ownership remains concentrated. It says,
“As of January 2026, the ten largest PEPE wallet addresses collectively held approximately 41% of the total circulating supply.”
That concentration matters because a small number of wallets can still influence market activity.
Memecoin ETF market grows as crypto ETF issuers test demand
The PEPE ETF proposal comes as issuers keep moving further away from the largest crypto assets. Recent filings show that some managers are no longer limiting their crypto ETF plans to Bitcoin and Ether. Instead, they are testing whether public market demand exists for more speculative assets as well.
Still, recent memecoin ETF launches show that name recognition does not always bring strong trading activity. Coverage of earlier Dogecoin ETF trading noted weaker first-day volume than some market watchers expected. That history may shape how traders and issuers read the new spot PEPE ETF filing.
For now, the main fact is clear. Canary Capital has taken the first formal step by filing an S-1 for a spot PEPE ETF with the SEC. The proposal now joins the larger queue of crypto ETF applications waiting for the next stage of the US review process.
Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: April 9, 2026 • 🕓 Last updated: April 9, 2026
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