No, it’s not an April Fool. Despite the NFT market plunging to a three-year low in 2024, Canary Capital is pressing ahead with plans to launch an exchange-traded fund backed by NFT collection Pudgy Penguins and the community’s PENGU token.
The firm’s CEO Steven McClurg told Decrypt that with the advent of a more crypto-friendly regulatory environment, “the major barriers have been removed,” arguing that a “long-term trend” will see adoption of digital artwork increase.
But some experts are skeptical, pointing to “significant technical and structural challenges” with an NFT ETF, particularly the illiquidity of the asset class.
Still, with asset manager Grayscale filing to convert its Bitcoin, Ethereum and XRP large cap fund into an ETF, it’s clear there’s an appetite for funds backed by a broader array of digital assets. Whether that stretches to monkey JPGs remains to be seen.
Why the Issuer Pushing for an XRP ETF Is Bullish on Bringing NFTs to Wall Street
Canary Capital’s CEO Steven McClurg told Decrypt why he’s bullish on the future of exchange-traded funds tracking NFTs.
Top Lawmaker Shuts Down Coinbase Plea for Interest-Bearing Stablecoins
House Financial Services Chair French Hill said there is no consensus on Capitol Hill to allow stablecoins to generate interest.
Grayscale Files to Convert Bitcoin, Ethereum, and XRP Large Cap Fund Into an ETF
Grayscale is looking to convert its private Digital Large Cap Fund, which contains Bitcoin, Ethereum, XRP, and Cardano, to become an ETF.
Decrypt Officially Integrates MYRIAD Markets On Site
MYRIAD’s on-chain prediction markets will appear in Decrypt stories, in “the first step towards rethinking the business model” for media.
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Ethereum price above $1,850.00 on April 4, 2025, at 11:59pm UTC?
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💬 Quote of the Day
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“U.S. stablecoin legislation should allow consumers to earn interest on stablecoins. The government shouldn't put it's thumb on the scale to benefit one industry over another.”
🎮️ GG: Minecraft-Like Game 'Hytopia' Launches AI Vibe Coding Competition
Hytopia's competition encourages builders to turn “wild ideas into playable reality” by tapping into the hot AI trend of vibe coding.
🤖 EMERGE: Inside OpenAI’s Massive $40B Funding Round Led by Japan’s SoftBank
OpenAI’s valuation has climbed to $300 billion, as its ChatGPT LLM gains another two million users in five days.
🎭️ SCENE: The 'Ghibligeddon': People Are 'Melting' OpenAI's GPUs With Studio Ghibli Memes
“Please chill,” begged Sam Altman as a million new users joined ChatGPT amid a surge in demand for Studio Ghibli-style transformations.
📚 Watch and Learn
📹 WATCH: How DeFi Is Reshaping the Movie Industry
Cutter Hodierne talks about his crypto-thriller “Cold Wallet,” highlighting Web3 film distribution, decentralized funding, and the evolving landscape of independent cinema through blockchain technology.
🎓️ LEARN: What is Dogwifhat (WIF)? The Solana Dog Meme Coin With a Hat – Decrypt
The dog wif the hat has become one of the biggest crypto meme coins. But what actually is it? And where did it come from?
