Shiba Inu Remains Sidelined as Top Meme Coin Enters SEC ETF Review

Shiba Inu has once again been overlooked for a potential ETF launch in the United States.

The Cboe BZX Exchange seeks to list and trade shares of the Canary PENGU ETF. Yesterday, Cboe submitted its 19b-4 application to the U.S. SEC.

According to the filing, Cboe has indicated its interest in listing and trading shares of the Canay PENGU ETF, which aims to provide investors with indirect exposure to the Solana-based meme coin. Bloomberg ETF analyst Eric Balchunas also confirmed the development in an X post.

The Canary PENGU ETF, the first and only spot pudgy penguin filing, just got its 19b-4 filing via CBOE. On clock soon. pic.twitter.com/852jIPtuvF

— Eric Balchunas (@EricBalchunas) June 25, 2025

Canary PENGU ETF

This comes three months after Canary first submitted its S-1 application to launch the PENGU ETF in the U.S. The proposed spot-based exchange-traded fund seeks to invest primarily in the PENGU token and Pudgy Penguins NFTs.

Moreover, the Canary PENGU ETF will hold other digital assets, such as Solana and Ethereum. Notably, this move aims to facilitate the sale and purchase of the ETF’s core holdings, PENGU and Pudgy Penguins NFTs.

While Canary sponsors the ETF, CSC Delaware Trust will be the fund’s trustee. Like most crypto-focused ETFs, the Canary PENGU ETF will be structured as a commodity-based product.

Regulatory Process Commences

Notably, Cboe has backed Canary’s PENGU ETF application with a 19b-4 filing, officially commencing the regulatory process for the ETF. Per the filing, Cboe seeks to list and trade shares of the Canary PENGU ETF under BZX Rule 14.11(e)(4).

In the meantime, the SEC is expected to acknowledge the application within two weeks of filing. Afterward, the commission will schedule four separate deadlines to decide whether to reject or approve it.

Shiba Inu Overlooked Despite Growing Demand for SHIB ETF

This development comes as asset managers continue to bypass Shiba Inu, focusing instead on other meme coins as potential candidates for spot ETFs.

Firms have submitted ETF applications for Dogecoin (DOGE), Pudgy Penguins (PUDGY), Official Trump (TRUMP), Bonk (BONK), and Official Melania Meme (MELANIA).

However, they have consistently overlooked Shiba Inu, despite calls from its community for a SHIB ETF. As previously reported, the Shiba Inu community petitioned Grayscale on Change.org, urging the digital asset manager to introduce an ETF tied to SHIB. The petition has attracted 11,700 signatures since its introduction last year.

In an effort to attract asset managers, Shiba Inu’s marketing lead, Lucie, published a post on X earlier this year, highlighting why SHIB is worth an ETF. She cited the token’s broad accessibility, resistance to manipulation, and community-driven growth.

Despite these efforts, asset managers have largely continued to overlook Shiba Inu as a potential ETF candidate, favoring other meme coins instead.

Meanwhile, Shiba Inu’s popularity in the meme coin niche and the broader crypto market has continued to grow. It currently ranks as the 19th-largest crypto and the second-largest meme coin, with a market capitalization of $6.88 billion.