Pengu ETF: The Feathered Fiasco of Finance! 🐧💸

In a twist of fate that even the most imaginative of writers could scarcely conjure, the illustrious asset manager, Canary Capital, has taken a bold leap into the abyss of absurdity by filing to list an exchange-traded fund (ETF) that holds the illustrious Pengu (PENGU). Yes, dear reader, the very governance token of the Pudgy Penguins NFT project, as revealed by the ever-watchful eyes of US regulatory filings. 🧐

This ETF, a veritable cornucopia of financial innovation, is but the latest in a cacophony of filings for new US investment products tethered to the whims of spot cryptocurrencies, including the ever-elusive altcoins and the delightful memecoins. Who knew that the future of finance would be so… fluffy? 🐧✨

According to the sacred scrolls of the filing, this ETF is destined to cradle not only the spot PENGU but also a delightful assortment of Pudgy Penguins NFTs. If the stars align and the regulatory gods smile upon it, this would mark the first US ETF to embrace NFTs. A true feather in the cap of financial history! 🎩

Moreover, “[t]he Trust will also hold other digital assets, such as SOL and ETH, that are necessary or incidental to the purchase, sale, and transfer of the Trust’s PENGU and Pudgy Penguins NFTs,” the filing proclaims with a flourish. One can only imagine the boardroom discussions that led to this moment. 🤔

Launched in the frosty month of December, PUDGY boasts a market capitalization of approximately $438 million as of this very day, March 20, according to the oracle known as CoinGecko. 🤑

On March 18, in a move that could only be described as audacious, Canary filed to list the first US ETF holding Sui (SUI), the native token of the Sui layer-1 blockchain network. The plot thickens! 📈

Pengu ETF Image

Policy Reversal: A Comedy of Errors

In a world where the US Securities and Exchange Commission has acknowledged a veritable avalanche of filings for new crypto investment products since the arrival of President Donald Trump on January 20, the stage is set for a grand spectacle. 🎭

These filings include proposals for ETFs linked to native L1 tokens such as Solana (SOL) and XRP, alongside the ever-popular memecoins like Dogecoin (DOGE) and the illustrious Official Trump (TRUMP). What a time to be alive! 😂

Yet, some industry analysts, with a skepticism that could rival the most jaded of cynics, question whether ETFs holding non-core cryptocurrencies will ever capture the hearts (and wallets) of traditional investors. “Pengu ETF announced. Price barely goes up. New ETFs for crypto assets have become an irrelevant joke,” quipped crypto researcher Alex Krüger in a post on the X platform. “Most crypto ETFs will fail to attract AUM and cost issuers money.” A sentiment as sharp as a penguin’s beak! 🐧💔

Since embarking on his second presidential term, Trump has performed a remarkable pirouette, reversing the US government’s stance on digital assets, promising to transform America into “the world’s crypto capital.” A bold claim, indeed! 🇺🇸

Under the watchful gaze of his predecessor, former President Joe Biden, US regulatory agencies unleashed a torrent of over 100 enforcement actions against crypto firms. A veritable storm of bureaucracy! 🌩️

On this fateful day, March 20, asset manager Volatility Shares has launched two Solana futures ETFs, the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT). These financial derivatives are designed to track SOL’s performance with one- and two-time leverage, respectively. Meanwhile, the spot SOL ETFs remain in the limbo of regulatory approval, waiting for their moment in the sun. ☀️

2025-03-20 21:02

Policy Reversal: A Comedy of Errors

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