Canary’s PENGU ETF Skyrockets as CBOE Greenlights 19b-4 Filing—Here’s Why Traders Are Flocking
Wall Street’s latest crypto craze just got a turbocharge. Canary’s PENGU ETF—yes, named after the flightless bird—is suddenly the talk of trading desks after the CBOE quietly slipped its 19b-4 filing past regulators. Who needs fundamentals when you’ve got a meme-worthy ticker?
The filing, buried in bureaucratic jargon, effectively bypasses the SEC’s usual foot-dragging. Market makers are already piling in, betting this ETF could slice through red tape faster than a hot knife through… well, penguin blubber.
Behind the scenes: insiders whisper the product’s structure ‘innovatively repackages’ volatility—Wall Street’s code for ‘we found another way to sell beta as alpha.’ But with Bitcoin ETFs now old news, hungry capital needs a new shiny object. Enter PENGU.
Cynical take: Nothing fuels FOMO like an obscure regulatory form getting rubber-stamped. Just don’t ask what happens when the music stops—this isn’t the first penguin-themed product to promise investors ice-cool returns… before melting down.
- CBOE submitted a 19b-4 filing for the Canary PENGU ETF, approved internally on June 10.
- The ETF allocates 80–95% of its assets and 5–15% to Pudgy Penguin NFTs.
- PENGU price rose 2% to $0.009832; market cap reached $745M with $124M daily volume.
The Chicago Board Options Exchange (CBOE) has formally submitted a 19b-4 filing to the U.S. Securities and Exchange Commission (SEC) to list and trade the Canary PENGU ETF. This action follows Canary Capital’s earlier S-1 filing and represents a notable step toward institutional access to the meme coin.
The ETF will provide exposure to PENGU, a Solana-based memecoin, along with Pudgy Penguin NFTs. According to the filing, the fund will allocate 80% to 95% of its assets to PENGU and 5% to 15% to Pudgy Penguin NFTs. These assets are hosted on the Solana and ethereum blockchains, respectively.
Because of this blockchain infrastructure, Canary Capital may hold limited amounts of SOL and ETH to facilitate network transactions and fees. However, the fund anticipates maintaining at least 95% of its value strictly in Penguin and the associated NFT collection, reinforcing its meme-centric investment strategy.
ETF Proposal Filed Under Rule 14.11(e)(4)
The ETF proposal was filed under Rule 14.11(e)(4), targeting Commodity-Based Trust Shares. CBOE granted internal approval on June 10, 2025, reinforcing increasing institutional interest in crypto-based financial products. The SEC’s decision will now determine whether Canary PENGU becomes the second-ever meme coin to secure an ETF listing.
The move comes at a time when broader conversations between SEC officials and fund managers about launching spot solana ETFs are actively progressing. The approval of the Canary PENGU ETF could set an important precedent for the regulatory treatment of Solana ecosystem tokens within U.S. financial markets.
Eric Balchunas has expressed Optimism about the fund’s approval prospects. The SEC is increasingly under pressure to clarify crypto investment rules, especially under President Donald Trump’s push for U.S. leadership in digital asset innovation and adoption.
Market Impact and Price Surge for Canary PENGU
Information about the 19b-4 filing has nearly started a renaissance for PENGU. The meme coin went up by almost 2% in the past 24 hours, and is now trading at about $0.009832 according to CoinMarketCap. The move reflects rising investor confidence in regulatory progress and product expansion for Solana-based crypto assets.
PENGU has a fully now diluted market capitalization of approximately $745 million. Moreover, trading volume for the same period is $124 million. With DEEP on-chain liquidity and listings on major centralized exchanges, the memecoin continues to attract both retail and institutional investors seeking niche blockchain exposure.
