Cboe Files $PENGU ETF Via Canary Capital - Could $FARTCOIN Be Next?

Invesco Galaxy joins the last-minute rush to get $SOL ETF filings in front of the SEC, becoming the ninth prospective issuer targeting Solana’s Wall Street debut.

With Bloomberg giving Solana ETF filings a 95% chance of approval, certain TradFi firms look to be pushing their luck further, filing for memecoin ETFs.

What are the chances memecoin ETFs ever get a nod of approval from the SEC, and why does Bloomberg Senior ETF Analyst Eric Balchunas expect $FARTCOIN could be next?

Invesco Galaxy Becomes Ninth Prospective $SOL ETF Issuer

On June 25, Invesco Galaxy filed an S-1 registration form with the SEC, joining fellow TradFi heavyweights like Fidelity and Franklin Templeton as prospective Solana ETF issuers. The filing comes two weeks after Invesco Galaxy registered its Solana ETF statutory trust in Delaware.

The filing contains several mentions of staking, suggesting that the Invesco Galaxy ETF will include staking rewards. While the filing does not explicitly declare a staking custodian, Galaxy will likely manage staking services itself. 

At press time, Galaxy operates Solana’s 3rd largest validator, which has already amassed over 9.3M $SOL, constituting 2.35% of network stake.

Should Solana ETFs be approved, the Invesco Galaxy Solana ETF may find itself one of the leaders in initial inflows and AUM. Based on Blockworks data, the Invesco Galaxy Bitcoin ETF is the tenth-largest Bitcoin ETF by AUM, edging out fellow $SOL ETF hopefuls Franklin Templeton.

Canary Capital Seeks $PENGU ETF Listing

With experts forecasting an “Altcoin ETF Summer”, certain issuers are beginning to make even more brazen filings.

Records indicate that Cboe has filed a 19b-4 registration form on behalf of Canary Capital for an ETF tracking the price of $PENGU, a Solana-based memecoin launched by the Pudgy Penguins NFT collection. 

The prospective $PENGU ETF filing is far from the first time that emerging firms have tried to put Solana memecoins on Wall Street. Earlier this year, Rex-Osprey stunned TradFi operators by filing for a range of memecoin ETFs, including those tracking the price movements of $BONK, $TRUMP, and $XRP.

According to Bloomberg Senior ETF Analyst Eric Balchunas, the $PENGU ETFs approval deadline would fall on March 1st, and has “a good chance” of going live.

Musing on the whimsical filing, Balchunas declared his surprise that issuers are yet to file a prospective $FARTCOIN ETF. The Bloomberg analyst remarked that $FARTCOIN has a higher market cap than $PENGU, but suspected that issuers could have reservations around associating themselves with the flatulent memecoin.

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