Canary Capital's Strategic Approach to Altcoin ETF Applications

According to Odaily, Canary Capital has recently submitted multiple applications for altcoin ETFs, sparking discussions within the community about whether this is merely a marketing tactic. In response, the fund's CEO, Steven McClurg, emphasized that each application is carefully considered. He explained that early investments aim to secure a first-mover advantage, citing HBAR as a stable token that has not yet attracted attention from other ETF issuers. The application for the PENGU ETF was motivated by statements from U.S. Securities and Exchange Commission officials, who have publicly declared that NFTs and meme coins should not be classified as securities. Steven McClurg further noted that while large companies like BlackRock can afford to take risks, smaller firms like Canary Capital must be extremely cautious with their time and financial resources. He expressed optimism that many ETF proposals might receive approval next year.