Breaking: CBOE Files 19b-4 For Canary PENGU ETF With US SEC

CBOE has finally filed its 19b-4 form for Canary PENGU ETF, months after Canary Capital first filed the S-1 form for this fund, which will provide institutional investors with exposure to the Solana meme coin. PENGU becomes only the second meme coin to have a proposed ETF in the pipeline.

CBOE Files 19b-4 Form For Canary’s PENGU ETF

In an SEC filing, CBOE declared its intention to list and trade shares of the Canary PENGU ETF. This Commission will now have to determine whether or not to approve this fund, which will provide investors with exposure to the PENGU meme coin and Pudgy Penguin non-fungible tokens (NFTs).

This filing comes two months after Canary Capital filed the S-1 for the meme coin ETF. The fund will hold PENGU, Pudgy Penguin NFTs, SOL, and ETH. Specifically, the fund will hold between 80% to 95% of its total assets in PENGU and 5% to 15% of its total assets in the NFTs.

However, Canary Capital expects to hold at least 95% of the fund’s total assets in PENGU and Pudgy Penguin NFTs. Meanwhile, because PENGU and the NFT are tokens on the Solana and Ethereum networks, respectively, the asset manager noted that it may be necessary to hold SOL or ETH to pay network fees.

Furthermore, it may also be necessary for Canary to convert cash to ETH to purchase the NFTs since the NFT marketplace conducts auctions in ETH. Likewise, when the Trust sells the NFTs, the proceeds may be in ETH. Canary Capital only intends to hold as much SOL and ETH as is necessary to purchase or sell these PENGU tokens and Pudgy Penguin NFTs.

PENGU becomes only the second meme coin to have a 19b-4 filing on the SEC’s desk after Dogecoin. Canary is the only asset manager that has filed to offer a PENGU ETF. On the other hand, Grayscale, Bitwise, and 21Shares have all filed to offer a DOGE ETF.

Igloo Releases Statement

In an X post, Igloo, the brand behind the Pudgy Penguin NFTs, stated that history has been made with CBOE’s filing to list the Canary PENGU ETF. The brand noted that with the filing, the ETF becomes the second memecoin-style ETF, after DOGE.

It also becomes the first filing with NFTs to enter the SEC’s formal review process, joining coins such as BTC, SOL, XRP, and DOGE. Igloo also stated that this marks a major milestone in the institutional adoption of PENGU and Pudgy Penguins, signaling strong confidence from established players like CBOE in the top meme coin.

It remains unknown whether the SEC will approve the application for a PENGU ETF. Bloomberg analysts Eric Balchunas and James Seyffart have yet to put out approval odds for this fund because of the absence of a 19b-4 filing before now.

Meanwhile, the PENGU price is up amid the CBOE filing. CoinMarketCap data shows that the meme coin is up almost 2% in the last 24 hours, trading at around $0.009832.