Cboe BZX has submitted a request to list a PENGU-based ETF. This move is seen as a significant step forward in the cryptocurrency investment landscape.
Objectives of the Canary PENGU ETF
The Canary PENGU ETF aims to hold between 80 to 95 percent of its assets in the $PENGU memecoin, with 5 to 15 percent allocated to Pudgy Penguins NFTs. This strategy aims to enhance liquidity and facilitate easier trading.
Impact on PENGU Price
Following the filing of Form 19b-4, the price of PENGU increased by 2 percent, reaching approximately $0.009732. This mid-cap memecoin remains popular among investors thanks to its high trading volume and active liquidity.
Approval Prospects from SEC
Analysts like Eric Balchunas suggest that the chances of receiving SEC approval remain high. The agency is working on clear guidelines for cryptocurrencies, in line with the U.S. policy on digital asset adoption.
The introduction of the PENGU ETF could significantly impact the market by opening up new investment opportunities. Expectations regarding SEC approval remain optimistic.
