Canary Capital files for $PENGU ETF with CBOE as Invesco advances SOL ETF plans

Canary Capital has reportedly filed a 19b-4 form with CBOE for a $PENGU ETF that will cover $PENGU tokens and Pudgy Penguins NFTs, marking a significant step in bringing meme coin investments to institutional investors.

Canary Capital’s ETF filing is drawing attention because it is one of the first ETFs to combine memecoin assets, with the PENGU meme coin and Pudgy Penguins NFTs. 

BREAKING: Canary Capital files for $PENGU ETF with CBOE pic.twitter.com/RNgLgctUv0

— Cryptopolitan (@CPOfficialtx) June 25, 2025

Canary Capital’s filing moves forward

According to the filing, the PENGU ETF will focus primarily on PENGU tokens and Pudgy Penguin NFTs, and will allocate between 80% to 95% of its assets to PENGU while 5% to 15% go to the NFTs. 

Smaller portions of SOL and ETH will be held to cover transaction fees and NFT purchases; however, this will only be as needed rather than for investment exposure.

Given PENGU was deployed on the Solana network while the Pudgy Penguin NFTs exist on Ethereum, ETH and SOL will be required for auction payments and gas fees. 

Since the filing was announced, users on X have weighed in with their opinions, with sentiments mostly highlighting the novelty of the idea. 

It has also not gone unnoticed to many netizens that only a few cryptocurrencies, like BTC, SOL, XRP, and DOGE, have ever reached this stage in the ETF process, underscoring the filing’s importance for Pudgy Penguins’ visibility. 

However, nothing is certain, and the outcome may not be what is expected. Even with the crypto-friendly Atkins SEC, the regulator still throws the occasional curve ball.

Invesco joins the race for a Solana ETF

News of Canary Capital’s filing comes as Invesco Ltd and crypto-focused firm Galaxy Digital LP filed for a Solana exchange-traded fund.

Subsidiaries of the two companies reportedly filed a registration statement on Wednesday with the U.S. Securities and Exchange Commission for an “Invesco Galaxy Solana ETF.” If approved, the fund will trade on Cboe BZX under the ticker symbol “QSOL,” according to the statement.

Invesco Capital Management LLC was registered as the sponsor, and the Bank of New York Mellon was noted as the administrator. However, Galaxy will be tasked with acquiring the tokens while Coinbase Custody Trust Company, LLC would be the custodian of the SOL.

The filing from Invesco and Galaxy Digital LP joins those from several firms like VanEck, Bitwise and 21Shares that are also vying for a Solana ETF. 

Many of those proposals were filed over the past year with the expectation that the new SEC administration installed by President Donald Trump would be more open toward the idea of crypto ETFs. However, the SEC has been sluggish, delaying its decision on the various ETFs for various reasons, much to the frustration of the general public.