- A new S-1 registration has been filed with the SEC to introduce a PENGU ETF.
- This upcoming PENGU ETF will follow the price movement of the PENGU token and Pudgy Penguins NFTs.
- Following the news, PENGU experienced a brief spike in value.
The PENGU meme token saw a short-lived surge on Thursday after an asset management firm announced plans to create a PENGU exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC). The ETF is designed to monitor the price of the PENGU token as well as Pudgy Penguins NFTs.
PENGU adds to the increasing roster of meme coins vying for ETF approval
This asset manager has submitted an S-1 registration document to the SEC for the launch of the pioneering PENGU ETF.
The documentation indicates that the purpose of the ETF is to achieve capital appreciation. To meet this objective, the fund intends to invest in both the PENGU token and Pudgy Penguins NFTs, granting investors access to the value of these NFTs alongside the price trajectory of the PENGU token.
The filing also revealed that the firm plans to include Solana (SOL) and Ethereum (ETH) tokens within the PENGU Trust.
According to the filing, “The Trust will also maintain other digital assets, including SOL and ETH, that are essential or ancillary to the procurement, sale, and transfer of the Trust’s PENGU and Pudgy Penguins NFTs.”
PENGU is the latest addition to a growing list of meme coins looking for ETF approval, joining names such as Dogecoin (DOGE), BONK, and TRUMP tokens, which asset managers sought to launch following President Donald Trump’s inauguration.
The probability of meme coin ETF approval remains unclear, as their significant volatility could impact regulatory perspectives.
The SEC recently delayed its decisions on multiple altcoin ETFs, including those for DOGE and BONK.
After the announcement, PENGU jumped by 10% but has since seen some pullback.