Canary PENGU ETF Seeks SEC Approval for Solana Memecoin Listing

Generated by AI AgentCoin World
Wednesday, Jun 25, 2025 6:49 pm ET1min read
SOL
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The Cboe BZX exchange has submitted Form 19b-4 to the United States Securities and Exchange Commission (SEC) to list and trade shares of the Canary PENGU ETF. This filing follows the submission of Form S-1 by Canary Capital in mid-March 2025, which proposed a spot ETF for the

Solana
(SOL) memecoin known as Pudgy Penguins (PENGU).

The Canary PENGU ETF is designed to hold between 80 and 95 percent of its assets in the PENGU memecoin and between 5 and 15 percent in Pudgy Penguins NFTs. Additionally, the ETF intends to hold other crypto assets, primarily Solana, to facilitate smooth transactions. This structure aims to provide investors with exposure to the Pudgy Penguins NFT ecosystem through a commodity trust structure.

The filing of Form 19b-4 is a significant milestone for the PENGU ETF, especially given the ongoing engagement between the SEC and fund managers seeking to offer spot Solana ETFs. According to an ETF analyst, the likelihood of the Canary PENGU ETF receiving approval from the SEC remains high. The SEC has been working to establish clear crypto guidelines, aligning with the directive to lead in digital assets adoption. Following this positive news, the price of PENGU increased by 2 percent on Wednesday, trading at approximately $0.009732.

PENGU, a mid-cap memecoin with a fully diluted valuation of about $745 million and a 24-hour average trading volume of around $124 million, is one of the most sought-after Solana-based memecoins. It boasts deep on-chain liquidity and is available for trading on top-tier cryptocurrency exchanges. The Canary PENGU ETF, if approved, would be the second meme coin-style ETF to be listed, following the DOGE ETF. This development underscores the growing interest and investment in meme coins and NFTs, as well as the potential for these digital assets to be integrated into traditional financial markets.

The submission of Form 19b-4 is a critical regulatory step in the process of listing an ETF. The SEC will review the application to determine if the ETF meets the necessary regulatory requirements. If approved, the Canary PENGU ETF would be listed on the Cboe BZX Exchange, offering investors a new way to participate in the meme coin and NFT markets. This highlights the evolving landscape of digital assets and their growing acceptance within the traditional financial system.