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Yahoo
24-07-2025
- Business
- Yahoo
The SEC Just Got Its Weirdest Crypto ETF Request Yet—And Why This Bloomberg Senior ETF Analyst Thinks It Might Actually Work
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Wall Street's latest crypto experiment just took a significant step forward. Cboe BZX Exchange filed a Form 19b-4 with the Securities and Exchange Commission seeking approval to list the Canary PENGU ETF, a groundbreaking fund that would hold both PENGU memecoin tokens and Pudgy Penguins NFTs. This isn't your typical Bitcoin ETF—it's the first proposed fund to blend memecoins with non-fungible tokens, targeting one of crypto's most beloved penguin Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . What Makes This ETF Different The Canary PENGU ETF would primarily hold PENGU, the official token of the Pudgy Penguins project, alongside actual Pudgy Penguin NFTs. Think of it as a hybrid investment vehicle where traditional finance meets internet culture, packaged for mainstream investors who want exposure to both a memecoin and the digital collectibles that inspired it. The timing isn't coincidental. PENGU launched in December as the official token of the Pudgy Penguins NFT collection, targeting investors seeking exposure to niche cryptocurrencies beyond Bitcoin and Ethereum. The token created immediate wealth for existing NFT holders, with single Pudgy Penguin NFT owners receiving 1.7 million PENGU tokens worth nearly $52,000 at launch prices. The Numbers Behind the Penguins Current market data reveals both the opportunity and volatility inherent in this space. PENGU trades at approximately $0.01 with daily trading volume exceeding $144 million, while recent 24-hour volume reached $168 million, representing a 75% increase. Meanwhile, Pudgy Penguins NFTs trade at a floor price of 9.38 ETH per piece, up 6% over the past seven days. The broader Pudgy Penguins ecosystem extends beyond digital assets. The project actively develops physical merchandise and games, including Pudgy Toys and Pudgy World, creating new user interaction avenues. This real-world expansion differentiates it from many memecoins that exist purely in digital space. Trending: New to crypto? on Coinbase. The Regulatory Reality Check Here's where things get complex. A 19b-4 filing represents the second step in crypto ETF approval, following the initial S-1 registration. Canary Capital filed the S-1 form in March, and this latest filing moves the process forward—but approval remains far from guaranteed. The SEC's track record with crypto ETFs shows a preference for established assets. Bitcoin and Ethereum ETFs gained approval after years of regulatory back-and-forth, benefiting from their status as relatively mature digital assets. A memecoin-NFT hybrid represents uncharted territory, combining two of crypto's most speculative and culturally-driven sectors. Consider the precedent: Pudgy Penguins launched on Ethereum in July 2021, reaching an all-time high of almost 36.3 ETH during PENGU token anticipation. Yet NFT floor prices dropped almost 50% after the PENGU token launch, illustrating the volatility regulators typically scrutinize. Investment Implications and Risks For retail investors, this ETF proposal highlights crypto's evolution from niche digital currencies to mainstream investment products. Success could open doors for other alternative crypto assets seeking traditional finance exposure. However, several factors warrant caution: Volatility Concerns: Memecoins typically experience extreme price swings driven by social media sentiment rather than fundamental value. Combining this with NFT market volatility creates a potentially explosive mixture for traditional investors unaccustomed to crypto's boom-bust cycles. Regulatory Uncertainty: Even if approved, this ETF would face ongoing regulatory scrutiny. Any negative developments in memecoin or NFT regulations could impact fund performance or viability. Market Maturity: Unlike Bitcoin or Ethereum, PENGU lacks the institutional adoption and use cases that traditionally support long-term value. The token's primary utility stems from its connection to a specific NFT community and cultural Bigger Picture This filing represents more than one company's ambitious product launch. It signals institutional finance's growing comfort with crypto's cultural elements—the memes, communities, and digital collectibles that drive much of the sector's innovation and enthusiasm. Success could validate the investment thesis that internet culture and community-driven assets deserve traditional finance recognition. Failure might reinforce regulatory hesitancy around speculative crypto products, potentially slowing similar innovations. For investors watching this space, the key question isn't whether Pudgy Penguins will succeed, but whether Wall Street is ready to embrace crypto's most culturally-driven elements. The answer will likely determine not just this ETF's fate, but the future of how traditional finance interacts with internet culture. The penguins may be cute, but the implications are serious. This filing represents a test case for how far mainstream finance is willing to wade into crypto's cultural waters—and whether regulations can keep pace with innovation that blends investment vehicles with internet memes. Read Next: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — Image: Shutterstock This article The SEC Just Got Its Weirdest Crypto ETF Request Yet—And Why This Bloomberg Senior ETF Analyst Thinks It Might Actually Work originally appeared on
Yahoo
28-05-2025
- Business
- Yahoo
XRP Spot ETF in the U.S. Moves Closer to Reality
The U.S. Securities and Exchange Commission (SEC) has formally initiated a review of the WisdomTree XRP Trust, a proposed spot exchange-traded fund (ETF) that would provide investors with exposure to XRP XRP. Filed by the Cboe BZX Exchange, the application marks the first formal SEC review of a U.S.-based spot XRP ETF. If approved, it would be the first spot XRP ETF in the U.S. — a milestone that could open the door for similar products across other crypto assets. The product would track XRP's market price via the CME CF Ripple-Dollar Reference Rate, allowing investors to gain XRP exposure through traditional brokerage accounts, bypassing the need for private keys or self-custody. The SEC published its notice under Release No. 34-103124, initiating a more thorough evaluation of the application. The Commission now has up to 240 days to approve or reject the filing. In the meantime, the agency is soliciting public comments on whether the ETF's design adequately addresses concerns related to market manipulation and investor protection. Meanwhile, in a letter submitted to the SEC's crypto taskforce this week, Ripple's Chief Legal Officer, Stuart Alderoty, reiterated that XRP should not be treated as a security in and of itself. "Rules must be clear not just for issuers, but for all market participants who could be unwittingly classified as securities exchanges, brokers, dealers, or issuers," Alderoty wrote, adding that overreliance on vague terms like 'fully functional' or 'decentralized' creates more regulatory confusion than clarity. Sign in to access your portfolio
Yahoo
28-05-2025
- Business
- Yahoo
Bitcoin Sees $607M ETF Inflows — Wall Street Just Made Its Move
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Bitcoin spot ETFs experienced a remarkable $607 million in net inflows on May 21, marking one of the strongest single-day institutional buying sessions since these products launched. The data reveals broad-based interest across multiple ETF providers, with significant contributions from major players, including: The data reveals broad-based interest across multiple ETF providers, with significant contributions from major players, including: Fidelity Wise Origin Bitcoin Fund (Cboe BZX Exchange: FBTC)Inflows: $23.50 million ARK 21Shares Bitcoin ETF (Cboe BZX Exchange: ARKB)Inflows: $4.30 million BlackRock iShares Bitcoin Trust (NASDAQ:)Inflows: $530.60 million This institutional buying surge has propelled Bitcoin to trade above $111,046, surpassing the previous all-time highs established in January. The milestone represents more than just a numerical achievement—it reflects a fundamental shift in how institutional investors view Bitcoin's role in modern portfolios. Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . The current price action stands in stark contrast to persistent skepticism that has characterized Bitcoin throughout much of its existence. Critics have long dismissed the digital asset as speculative froth or a financial bubble destined to collapse. However, the sustained institutional interest demonstrated through ETF flows suggests a more nuanced reality is emerging. The scale of institutional participation has reached levels that make dismissive narratives increasingly difficult to maintain. When major asset managers like BlackRock (NYSE:BLK) and Fidelity see consistent multimillion dollar daily inflows into their Bitcoin products, it signals that sophisticated investors are allocating meaningful capital based on fundamental conviction rather than speculative fervor. Bitcoin's recent performance during periods of broader market uncertainty has begun to challenge traditional assumptions about its correlation with risk assets. While the digital asset hasn't completely decoupled from traditional markets, its behavior during recent stress periods suggests an evolving relationship with global financial conditions. This evolution reflects several key factors. First, the maturation of Bitcoin's market infrastructure, including regulated ETF products, has made institutional access more straightforward and compliant with fiduciary standards. Second, the growing recognition of Bitcoin's fixed supply characteristics has attracted investors seeking alternatives to traditional monetary assets during periods of currency debasement concerns. Trending: New to crypto? on Coinbase. The ETF vehicle has proven particularly effective at channeling institutional interest. Unlike direct Bitcoin purchases, which require specialized custody solutions and operational expertise, ETFs allow traditional asset managers to gain Bitcoin exposure through familiar regulatory and operational frameworks. The diversity of inflows across multiple ETF providers also suggests this isn't driven by a single large investor or temporary trading strategy. Instead, the data points to broad-based institutional adoption across different types of market participants, from pension funds to family offices to corporate treasuries. Earlier market commentary, including analysis from April 8 examining 'Selling Bitcoin On Recession Fears: Why It's a Flawed Plan And How Bitcoin May Hold Up In The Digital Asset Era,' highlighted Bitcoin's potential resilience during economic uncertainty. Recent price performance amid ongoing global economic concerns appears to validate this thesis. Rather than acting purely as a risk-on asset that sells off during market stress, Bitcoin has demonstrated characteristics more consistent with an alternative store of value. This behavior aligns with the original investment thesis that positioned Bitcoin as a hedge against traditional financial system risks, including currency debasement, excessive debt levels, and geopolitical metrics suggest Bitcoin is transitioning from a purely speculative asset to something approaching institutional acceptance. Volatility, while still elevated compared to traditional assets, has generally trended downward over multi-year periods. The development of robust derivatives markets has also provided institutional investors with sophisticated risk management tools previously unavailable. The regulatory clarity provided by ETF approvals has removed significant barriers to institutional participation. Rather than navigating uncertain regulatory terrain around direct Bitcoin ownership, institutions can now access the asset through SEC-approved investment vehicles that fit within existing compliance frameworks. The current momentum raises important questions about Bitcoin's future trajectory. Sustained institutional buying at these price levels suggests conviction that current valuations remain attractive relative to long-term potential. However, the concentration of recent inflows also highlights the importance of continued institutional adoption for maintaining upward price momentum. The broader implications extend beyond Bitcoin's price performance. If institutional adoption continues at current pace, it could accelerate the development of digital asset infrastructure and potentially influence how other cryptocurrencies are perceived and regulated. Read Next: A must-have for all crypto enthusiasts: . Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Send To MSN: 0 This article Bitcoin Sees $607M ETF Inflows — Wall Street Just Made Its Move originally appeared on
Yahoo
28-05-2025
- Business
- Yahoo
New XRP ETF is under official SEC review
The SEC has formally taken action on the proposal filed by the Cboe BZX Exchange to list and trade shares of the WisdomTree XRP Fund. The release indicates that the SEC has formally published SEC release [34-103124], and the application has entered a new phase of consideration to determine if the proposed spot XRP exchange-traded fund (ETF) meets the criteria outlined in Section 6 of the Securities Exchange Act of 1934. The stated purpose of the WisdomTree XRP Fund is to provide investment exposure to XRP by tracking the value of XRP through the performance of its spot price based on the CME CF Ripple-Dollar Reference Rate (New York Variant). The assets of the fund would consist of XRP only, cash, and cash equivalents. If the funds are allowed to be marketed, it could provide investors with exposure to XRP through brokerage accounts, rather than managing a digital wallet and private keys. The SEC has not yet granted or rejected the application, but has moved the deadline into the evaluation phase under Section 19(b)(2)(B) of the Securities Exchange Act. The agency will take time to consider whether the Exchange has proposed adequate and thoughtful measures to ensure there are sufficient safeguards against market manipulation and rules to protect investors and the public interest. The Commission has made the application available for public comments, asking if they had any comments or opinions on whether the fund's design would prevent or limit any potential fraudulent activities or create any new regulatory aspects. Interested parties are invited to submit their written comments electronically. This is a critical juncture for XRP, since it has had litigation and regulatory hurdles. If approved, the WisdomTree XRP Fund will be one of the first spot ETFs connected to the digital asset. New XRP ETF is under official SEC review first appeared on TheStreet on May 27, 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-03-2025
- Business
- Yahoo
Tidal Financial Group Announces Ticker Change for Unusual Whales Subversive Republican Trading ETF
NEW YORK, March 18, 2025 (GLOBE NEWSWIRE) -- Tidal Financial Group today announced that the ticker symbol for the Unusual Whales Subversive Republican Trading ETF (the 'Fund') will change from KRUZ to GOP. This change will take effect at market open on March 21, 2025. The Fund, which is listed on the Cboe BZX Exchange, Inc., provides investors with exposure to publicly traded companies that are most actively traded by Republican politicians. The new ticker, GOP—short for "Grand Old Party," the widely recognized nickname for the Republican Party—better reflects the Fund's investment strategy and strengthens brand recognition among investors. With a Republican president now in office, the party holds significant political power, making transparency into congressional trading more relevant than ever. 'This change reflects our commitment to providing investors with a transparent and politically themed investment vehicle,' said Michael Venuto, CIO at Tidal Financial Group and Portfolio Manager for the Fund. 'By transitioning to the GOP ticker, we are reinforcing the Fund's unique focus and making it even easier for investors to connect with its purpose.' No changes have been made to the Fund's investment objectives, strategy, or portfolio management as a result of this ticker change. For more information about the Unusual Whales Subversive Republican Trading ETF (GOP), please visit About Tidal Financial Group Tidal Financial Group is a leading ETF investment firm that specializes in developing innovative financial products designed to meet the evolving needs of investors. With a commitment to transparency, liquidity, and accessibility, Tidal Financial Group partners with fund issuers to bring unique and differentiated ETFs to market. About Subversive ETFs Subversive ETFs is dedicated to bringing innovative, thematic investment solutions to market. By identifying emerging trends and disruptive forces, Subversive ETFs seeks to provide investors with unique opportunities to capitalize on market inefficiencies. Important Risks There is no guarantee that the Adviser's use of investment techniques and risk analyses to make investment decisions will perform as expected. Investing involves risk including possible loss of principal. It is possible that legislation or regulation could be enacted that limits, restricts or prevents United States Congresspeople and/or their spouses from personal securities trading. Legal, tax and regulatory changes could occur that may adversely affect the Fund and its ability to pursue its investment strategies and/or increase the costs of implementing such strategies. Government regulation may change the manner in which the Fund is able to implement its principal investment strategy. Government regulation may change frequently and may have significant adverse consequences for the Fund or its investments. It is not possible to predict fully the effects of current or future regulation. A high portfolio turnover rate has the potential to result in the realization and distribution to shareholders of higher capital gains, which may subject you to a higher tax liability. High portfolio turnover also necessarily results in greater transaction costs which may reduce Fund performance. Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus and summary prospectus, a copy of which may be obtained at Please read the prospectus and summary prospectus carefully before you invest. Distributor: Foreside Fund Services, LLC. CONTACT: For media inquiries, contact Gavin Fillmore at gfilmore@
