Asset management firm Canary Capital has submitted an application to the U.S. Securities and Exchange Commission for a spot ETF linked to the PEPE cryptocurrency, marking the official entry of meme coins into the realm of mainstream financial products.

This ETF will track the price performance of PEPE, with all tokens managed by professional custodians. Additionally, trusts will be allowed to hold up to 5% of the assets in Ethereum to cover transaction fees.

This move continues Canary Capital’s strategic approach of applying for ETFs related to various cryptocurrencies, including XRP and Solana.