The Cboe BZX exchange has just submitted Form 19b-4 to the U.S. 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, proposing the issuance of a spot ETF for the Solana memecoin (SOL) named Pudgy Penguins (PENGU).
The Canary PENGU ETF is expected to hold 80 to 95% of its assets in the memecoin $PENGU, while allocating 5 to 15% to the Pudgy Penguins NFT collection. Additionally, the fund will maintain other cryptocurrency assets on the Solana platform to optimize liquidity and enable quick transactions.
Market impact on PENGU price volatility
The submission of Form 19b-4 marks an important milestone in the development journey of the PENGU ETF fund. This is particularly notable as the SEC increases coordination with fund managers to promote the launch of spot ETFs on Solana. ETF analyst Eric Balchunas emphasized that the chances of the Canary PENGU fund being licensed are very high.
The SEC is also finalizing a transparent legal framework for cryptocurrency assets, in accordance with President Donald Trump's directive to lead the digitization market in the United States. This positive news has helped the PENGU Token price increase by 2% in Wednesday's trading session, reaching $0.009732.
This mid-cap memecoin has a diluted market cap of approximately $745 million, with an average trading volume of $124 million over 24 hours, continuing to be one of the top memecoins based on the Solana ecosystem. Furthermore, PENGU has deep on-chain liquidity and is currently listed on many reputable centralized cryptocurrency exchanges.
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Source: https://tintucbitcoin.com/cboe-bzx-nop-form-dang-ky-etf/
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