The Cboe has officially filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to launch the Canary PENGU ETF, an innovative investment fund proposing to blend the PENGU memecoin and Pudgy Penguins NFTs within a regulated framework. This ETF could become the first to merge meme tokens and NFTs under formal SEC review, joining major cryptocurrencies like BTC, SOL, XRP, and DOGE in the regulatory spotlight.
The ETF allocation is designed with 80%-95% of funds focused on the PENGU token and 5%-15% on Pudgy Penguins NFTs, marking it as only the second memecoin ETF after DOGE and the first to include NFTs. The SEC decision is expected by early next year, providing retail and institutional investors with a novel entry point into crypto assets without requiring direct interaction with blockchain wallets or networks.
Alongside the ETF filing, the PENGU ecosystem continues expanding with a recent integration of the Immutable X layer-2 protocol to speed up NFT transactions and reduce gas fees. Pudgy Penguins has launched Pengu Clash, a skill-based mini-game on the TON blockchain playable through Telegram without token requirements, refreshing the play-to-earn model by emphasizing player skill.
In addition, a partnership with Lufthansa allows users to earn airline miles by purchasing through the Pudgy Shop with fiat or PENGU tokens, integrating real-world rewards with digital assets. PENGU has traded around $0.0097 recently, with a market cap near $600 million.
Separately, the SEC docket has also received multiple filings for Solana ETFs, including a notable proposed Invesco Galaxy Solana ETF and others by Fidelity, VanEck, and Bitwise. These filings represent the growing momentum in crypto ETFs following the strong performance of Bitcoin and Ethereum spot funds. Analysts project a high likelihood of SEC approval for Solana ETFs by the end of 2025.
Solana continues to face short-term price pressure, down approximately 18% over the past month, despite being favored for blockchain speed and efficiency. The Canary PENGU ETF filing and Solana ETF proposals highlight increasing regulatory acceptance of diverse crypto products, including altcoins and NFTs, signaling a maturing digital asset investment landscape.