Coinbase Eyes Expansion as SEC Reviews Solana and PENGU ETF Filings

The U.S. Securities and Exchange Commission (SEC) is currently evaluating two new cryptocurrency ETF proposals, marking a potential expansion in the range of digital asset investment products available to investors. Invesco Galaxy has filed for a Solana ETF, which would trade under the ticker QSOL and provide direct exposure to SOL, the sixth-largest cryptocurrency by market capitalization. Simultaneously, Canary Capital has submitted an unconventional ETF proposal tied to Pudgy Penguins tokens, showcasing the growing diversity in crypto-based financial products. These developments signal increasing institutional interest in cryptocurrencies beyond Bitcoin and Ethereum, potentially paving the way for more altcoin-focused investment vehicles. The Solana ETF filing, in particular, could significantly boost mainstream adoption of SOL, while the Pudgy Penguins fund represents one of the first attempts to create an ETF linked to NFT-related tokens. As the SEC reviews these proposals, the crypto industry watches closely, anticipating how these products might reshape the landscape of digital asset investing and what it could mean for platforms like Coinbase that stand to benefit from increased institutional crypto adoption.

SEC Crypto ETF Filings Expand with Solana and PENGU Funds

The U.S. Securities and Exchange Commission is reviewing two new cryptocurrency ETF proposals, signaling a potential broadening of digital asset investment products. Invesco Galaxy filed for a solana ETF, while Canary Capital submitted an unconventional fund tied to Pudgy Penguins tokens.

Invesco's proposed Solana ETF, trading under the ticker QSOL, would provide direct exposure to SOL, currently the sixth-largest cryptocurrency by market cap. Galaxy Digital Funds would handle execution, with Coinbase serving as custodian. This marks the ninth Solana ETF application, joining filings from heavyweights like Fidelity and Grayscale.

The filings arrive amid growing institutional interest in altcoin ETFs, fueled by the successful launch of spot Bitcoin and ethereum products. Recent applications have increasingly incorporated staking provisions, allowing funds to generate yield on held tokens—a development that's becoming a focal point in regulatory discussions.

Coinbase Expands Wrapped Assets Suite with Cardano and Litecoin on Base Network

Coinbase has integrated Cardano (ADA) and Litecoin (LTC) into its wrapped assets ecosystem on Base, the exchange's Ethereum layer-2 network. The new offerings, cbADA and cbLTC, join previously launched wrapped versions of Dogecoin (DOGE) and XRP, enhancing cross-chain interoperability for users.

Wrapped assets are pegged 1:1 to their native tokens, held in reserve by Coinbase, allowing seamless conversion between networks. This MOVE aligns with growing institutional demand for multi-chain accessibility. COIN shares rallied nearly 6% following the announcement, approaching all-time highs.

The expansion signals Coinbase's commitment to bridging isolated blockchain ecosystems. Market participants now gain exposure to ADA and LTC liquidity within Ethereum's DeFi landscape through Base's scalable infrastructure.

Framework Ventures Cofounder Criticizes Coinbase's 'Just Coin It' Strategy

Coinbase's push for tokenizing everything, dubbed 'Just Coin It,' has drawn sharp criticism from Framework Ventures cofounder Vance Spencer. He argues that the strategy harms retail investors by exposing them to risky low-cap and meme coins, potentially alienating them from the broader crypto market.

The debate centers on BaseDrop, a project powered by rapper Waka Flocka Flame's memecoin $FLOCKA, which Coinbase exec Jesse Pollak hailed as 'the new creator economy.' Spencer countered that such initiatives are 'destroying broad swaths of the industry' by prioritizing speculative assets over sustainable growth.

Coinbase's wallet redesign, which incorporates social media-like features, also came under fire. Spencer likened it to Farcaster, calling it 'not what anyone wants or needs.' The overhaul, still in beta, aims to transform the wallet into a consumer superapp.

The controversy raises questions about who truly drives demand for celebrity-backed coins—retail investors or crypto-native degens. Either way, the 'Just Coin It' approach risks diluting Coinbase's reputation as a gateway to serious crypto investment.

Bitcoin Demand Soars as Coinbase Gap Maintains 73-Day Positive Run

Bitcoin's bullish momentum continues as the Coinbase Premium Gap marks a 73-day positive streak, the longest since the introduction of spot ETFs in January 2024. The metric, which tracks price disparities between Coinbase and global exchanges, signals sustained U.S. institutional demand.

BTC prices breached $105,000 amid this accumulation phase, recovering from sub-$65,000 levels. Analyst Maartunn highlights the unbroken chain of green bars on the premium chart since late April 2025, correlating with the asset's upward trajectory.

The persistent premium suggests sophisticated investors are paying above-market rates, reinforcing confidence in Bitcoin's second-wave institutional adoption. This trend mirrors the growing influence of U.S.-based capital flows in cryptocurrency markets.

Coinbase Launches Regulated Alternative to Offshore Crypto Perpetuals

Coinbase is stepping into the perpetual futures market with a U.S.-regulated product designed to rival offshore offerings. The exchange's new nano-sized Bitcoin and Ethereum futures, set to launch on July 21, feature a five-year expiration and hourly funding rates—mimicking the functionality of perpetual contracts while avoiding their regulatory gray areas.

The move targets a market dominated by offshore platforms, which account for 93% of crypto derivatives volume. U.S. traders have long been excluded from this liquidity, forced to choose between inflexible quarterly contracts or unregulated venues. Coinbase's 24/7 trading and twice-daily settlement aim to bridge that gap.

This initiative could reshape the derivatives landscape by offering leverage without counterparty risk. For yield-seeking traders wary of offshore exposure, it presents a compelling alternative—one that aligns with growing institutional demand for compliant crypto products.

Bitcoin's $1 Million Valuation Theory Sparks Debate Among Crypto Circles

A controversial claim by crypto analyst Pledditor suggests Bitcoin may have already reached a $1 million valuation this cycle—just not in the way most investors perceive. The theory hinges on a securitization mechanism allowing large holders to trade BTC at premium prices through public markets.

Pledditor, known for exposing deleted tweets of Coinbase's CEO in 2023, targets bitcoin treasuries like Swan and Ten31 in the analysis. The proposed model draws parallels to SPACs, where OGs could allegedly lock in seven-figure valuations by creating "irreducible" market instruments.

The scheme's viability remains hotly contested. While Bitcoin maximalists champion self-custody, the mechanics of such off-market pricing raise questions about price discovery and regulatory hurdles. Market observers note this reflects growing tension between Bitcoin's egalitarian ideals and institutional financial engineering.