A PEPE-tracking exchange-traded fund (ETF) has become the latest addition to Canary Capital’s expanding crypto portfolio, signaling another move in the memecoin’s gradual entry into mainstream finance.
Canary Files S-1 For An ETF Tracking PEPE
On Wednesday, Canary Capital submitted a Form S-1 to the U.S. Securities and Exchange Commission (SEC) for its proposed Canary PEPE ETF. The fund is designed to track the performance of Pepe (PEPE), with all of the trust’s holdings to be securely maintained by a designated custodian. The Canary PEPE ETF would allow institutional investors to gain direct exposure to PEPE via a traditional brokerage account.
The filing also notes that the ETF trust could allocate up to 5% of its assets to Ether (ETH) to cover transaction fees on the Ethereum network.
Canary Capital stated in the filing that PEPE, a memecoin based on Pepe the Frog, launched in April 2023 and has a total supply exceeding 420 trillion tokens, adding that the memecoin’s value is largely influenced by online popularity, cultural trends, and social sentiment, rather than any clearly defined blockchain utility. The ERC-20 token’s market value is roughly 9% that of Dogecoin, the largest memecoin by market capitalization.
Grayscale Investments’ Dogecoin ETF debuted in November but failed to meet early expectations. Bloomberg analyst Eric Balchunas had projected at least $12 million in first-day trading volume, yet the fund generated only about $1.41 million on launch day.
 
Canary Capital, which already offers several crypto ETFs tracking assets such as XRP, Litecoin, Hedera, and SUI, has continued to expand its lineup with a range of niche products in recent months. In November 2025, the firm also filed to launch an ETF tied to MOG Coin—a lesser-known memecoin ranked 428th by market capitalization—significantly trailing PEPE, which ranks around 53rd place.
Canary Capital’s proposed ETF comes despite the Pepe token having fallen nearly 88% from its December 2024 all-time high of $0.00002803, according to CoinGecko.
There are currently 513,392 holders of the PEPE token, per data from Etherscan. Canary Capital also cautioned that ownership is highly concentrated, noting in its filing that as of January 2026, the ten largest wallet addresses controlled roughly 41% of the total circulating supply.
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