Canary Capital Files for PENGU ETF, Combining Meme Coin and NFT Assets

Canary Capital has filed a 19b-4 form with the CBOE for a $PENGU ETF, marking a significant step in bringing meme coin investments to institutional investors. The ETF will primarily focus on PENGU tokens and Pudgy Penguin NFTs, with 80% to 95% of its assets allocated to PENGU and 5% to 15% to the NFTs. Smaller portions of SOL and ETH will be held to cover transaction fees and NFT purchases, as PENGU is deployed on the Solana network and Pudgy Penguin NFTs exist on Ethereum.

The filing has drawn attention for being one of the first ETFs to combine meme coin assets, highlighting the growing interest in meme coins and NFTs within the investment community. The novelty of the idea has sparked discussions among users, with many noting the significance of this development for Pudgy Penguins' visibility. However, the outcome remains uncertain, as the SEC's approval process can be unpredictable.

This development comes as other major players in the financial industry are also making moves in the cryptocurrency space. Invesco Ltd and Galaxy Digital LP have filed for a Solana exchange-traded fund, which, if approved, will trade under the ticker symbol “QSOL.” This filing joins several others from firms vying for a Solana ETF, all hoping for a more open approach to crypto ETFs from the SEC. The SEC has been slow in making decisions, much to the frustration of the public.

The filing of Form 19b-4 by CBOE follows the filing of Form S-1 by Canary Capital to offer a spot ETF for the Solana memecoin Pudgy Penguins (PENGU). This development has been met with mixed reactions, with many highlighting the novelty of the idea. The SEC has acknowledged spot ETF filings from other firms, moving them into the approval process. This acknowledgment further underscores the growing interest in cryptocurrency investments and the potential for meme coins and NFTs to become more mainstream.