ETF filings name PENGU and Solana

Canary Capital and other issuers have already put U.S. crypto ETF paperwork on file for both PENGU- and Solana-linked products, according to Securities and Exchange Commission documents. The filings resurfaced in trading chatter on Thursday as investors on X tied them to a broader crypto-market move that also featured gains in stocks such as Coinbase, Strategy and MARA. The filings do not mean the funds are approved. They show that issuers and exchanges have started, or in some cases continued, the SEC process needed to bring those products to market. ### Which filings are actually on the record? The SEC archive shows Canary PENGU ETF filed a Form S-1 on March 20, 2025. That registration statement identifies the product as the “Canary PENGU ETF” and says the trust seeks to list and trade shares after the filing becomes effective. A separate SEC notice shows Cboe BZX filed a proposed rule change on January 28, 2025 to list and trade shares of the Canary Solana Trust. (sec.gov) The Commission published that notice on February 11, 2025 under the 19b-4 process used for exchange rule changes. The SEC archive also shows a CoinShares Solana ETF registration statement filed on June 13, 2025. That filing names the product “CoinShares Solana ETF” and says sales would begin as soon as practicable after effectiveness. (sec.gov) ### Why are people talking about both S-1s and 19b-4s? An S-1 is the issuer’s registration statement for the fund itself, while a 19b-4 is the exchange’s request to change its rules so the product can list. (sec.gov) For spot-style crypto ETFs, both tracks typically matter before trading can begin. That is why traders often treat a new filing, an amendment or an SEC notice as a milestone even when no approval has been granted yet. This is an inference from the structure of the SEC documents and the exchange notice. (sec.gov) The January 2025 Solana notice makes that split explicit. Cboe said the shares would be registered through the trust’s S-1, while the exchange separately sought SEC approval to list them under its commodity-based trust rules. ### What is unusual about the PENGU filing? The PENGU product stands out because it goes beyond bitcoin- or ether-linked structures that already dominate the U.S. (sec.gov) ETF market. The SEC’s archived PENGU registration statement confirms the filing exists and names a fund tied to PENGU, a token associated with the Pudgy Penguins ecosystem. (sec.gov) Later SEC material tied to the exchange filing described PENGU as a digital asset on the Solana network and said the proposed trust would hold PENGU, Pudgy Penguin NFTs, SOL and ETH. That makes it a broader crypto-and-NFT exposure proposal rather than a plain single-asset trust. ### How does this connect to Thursday’s market move? Thursday’s discussion on X linked the ETF paperwork to a risk-on move in crypto-related equities, including Coinbase, Strategy and MARA. (sec.gov) Independently available market data showed COIN at $191.29 at the May 20 close, down 1.12% on that session; MSTR closed at $165.81, up 0.72%; and MARA closed at $13.15, up 5.71%. Those figures do not confirm the 7.44% Coinbase move cited in social posts, which may have referred to intraday or different timing. (sec.gov) What the filings do confirm is that issuers are continuing to test how far the SEC will let the crypto ETF category expand beyond bitcoin and ether. The documents on file now include proposals tied to Solana and, in Canary’s case, to PENGU. ### What should investors watch next? The next visible steps are SEC notices, amendments and eventual approval or delay orders. (finance.yahoo.com) For Solana products, that means watching both issuer registration statements and exchange-rule filings. For PENGU, that means watching whether the SEC advances the exchange side further and whether Canary amends its registration paperwork. (sec.gov)