CBOE Files to List Canary’s PENGU ETF Offering Meme Coin and NFT Exposure

CBOE has submitted a 19b-4 filing to list Canary’s PENGU ETF, which combines meme coin and NFT exposure.

The fund will hold 80% to 95% in PENGU tokens and 5% to 15% in Pudgy Penguin NFTs.

Small ETH and SOL holdings are included for fees and marketplace operations related to token and NFT transactions.

The Chicago Board Options Exchange (CBOE) has officially filed a 19b-4 form to list and trade shares of Canary Capital’s PENGU ETF. This development follows months after Canary Capital submitted an S-1 registration statement to the Securities and Exchange Commission (SEC). The fund is designed to offer institutional investors exposure to the Solana-based PENGU meme coin alongside select non-fungible tokens (NFTs).

According to the filing, the PENGU ETF will allocate between 80% and 95% of its total assets to the PENGU meme token. Additionally, 5% to 15% of its assets will be invested in Pudgy Penguin NFTs. The fund’s structure includes both Solana- and Ethereum-based digital assets, with PENGU operating on the Solana blockchain and Pudgy Penguins on Ethereum.

Limited Exposure to SOL and ETH for Transactions

Canary Capital stated that the ETF may also hold small amounts of SOL and ETH solely for operational purposes. These cryptocurrencies are required to cover transaction fees or to facilitate the purchase and sale of NFTs and tokens. The asset manager does not plan to hold these cryptocurrencies beyond their utility needs within the fund.

The PENGU ETF becomes the second meme coin-based exchange-traded fund proposal to reach the 19b-4 stage, following those filed for Dogecoin. While DOGE ETF filings have been submitted by multiple firms, including Grayscale, Bitwise, and 21Shares, Canary remains the only asset manager to propose a PENGU-focused ETF.

Industry Reaction and Market Impact

Shortly after the CBOE filing, Igloo, the company behind the Pudgy Penguin NFT collection, acknowledged the filing on X. The brand highlighted the event as a major step toward the inclusion of NFTs in regulated financial products. Meanwhile, PENGU's price increased nearly two percent following the announcement, reaching $0.009832, according to CoinMarketCap.

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