Crypto News Roundup: Canary Capital Files for PENGU ETF, Coinbase Becomes Ethereum’s Largest Node Operator, and Solana CEO Addresses Ad Backlash

Canary Capital Files for Pudgy Penguins ETF

In a significant move for the NFT sector, asset management firm Canary Capital has filed with U.S. regulators to list an exchange-traded fund (ETF) backed by Pudgy Penguins’ governance token, PENGU. According to the regulatory filing, the ETF will not only hold PENGU but also various Pudgy Penguins NFTs, marking a potential first for the U.S. market if approved.

The ETF’s portfolio would include other digital assets such as SOL (Solana) and ETH (Ethereum) that are necessary for the trading and transfer of the PENGU token and NFTs. Should the ETF be approved, it would become the first U.S.-listed ETF to include NFTs as part of its holdings.

Pudgy Penguins, which launched in December, currently boasts a market capitalization of roughly $438 million as of March 20, according to CoinGecko. This filing underscores the growing interest in integrating digital assets into traditional investment products.

Coinbase Becomes Ethereum’s Largest Node Operator

Crypto exchange Coinbase has become the largest node operator on the Ethereum network, managing 11.42% of the total staked Ether (ETH), according to its latest performance report. Coinbase, which currently has approximately 3.84 million ETH staked, worth around $6.8 billion, has surpassed other Ethereum validators in its stake.

In its report, Coinbase revealed that it had exceeded its target for validator uptime, which measures the operational efficiency of its Ethereum validators. The exchange’s dominant position on the Ethereum network highlights its growing influence within the Ethereum ecosystem, especially as the network continues to evolve with more decentralized staking options.

Solana CEO Addresses Controversial Ad Backlash

Anatoly Yakovenko, CEO of Solana Labs, has publicly apologized for a controversial ad that blended American patriotism with political messaging on gender identity. The ad, titled “America Is Back — Time to Accelerate,” sparked significant backlash after it was shared on Solana’s X account.

The ad, which many criticized for being insensitive, was deleted after accumulating around 1.2 million views and 1,300 comments. Yakovenko acknowledged the negative reaction, expressing regret for downplaying the controversy at first.

“The ad was bad, and it’s still gnawing at my soul,” Yakovenko wrote in a March 19 post on X. He admitted that he had failed to address the issue properly and instead should have recognized it as “mean and punching down on a marginalized group.”

The Solana CEO also expressed appreciation for the members of the Solana community who spoke out against the ad and emphasized that Solana Labs would remain focused on open-source software development and decentralization, steering clear of “cultural wars.”

Conclusion

The crypto space saw a range of significant developments today, from Canary Capital’s pioneering ETF filing tied to NFTs to Coinbase’s growing dominance in the Ethereum network. Meanwhile, Solana Labs’ CEO is attempting to move past the fallout from a controversial ad that made waves across the industry. As the market continues to evolve, all eyes are on how these events will shape the future of crypto, NFTs, and blockchain technology.