CBOE’s New Move: PENGU Canary ETF Officially Filed with SEC
Jakarta, Pintu News – Global financial markets witnessed two major announcements that have the potential to change the map of interactions between crypto assets and the traditional financial sector.
First, the filing of a new ETF involving meme coins and NFTs by Cboe BZX Exchange, Inc. Second, an order from the FHFA to Fannie Mae and Freddie Mac to recognize crypto assets in mortgage risk assessment.
Check out the full information in this article!
PENGU Canary ETF: Innovation in Capital Markets
Cboe BZX Exchange, Inc. has filed a Form 19-b4 with the US Securities and Exchange Commission (SEC) for approval to list and trade shares of the Canary PENGU ETF. This ETF is unique in that it is backed by a combination of PENGU memecoins and non-fungible tokens (NFTs).
Canary Capital Group LLC will be the sponsor of this ETF, which is structured as a Delaware statutory trust and is not registered under the Investment Company Act of 1940. The ETF will hold PENGU, a utility token issued on the Solana network (SOL), and Pudgy Penguin NFTs based on Ethereum (ETH).
The trust will also hold small amounts of SOL and ETH to facilitate network transaction fees and NFT purchases. According to the filing, the trust is expected to hold around 80-95% of its total assets in PENGU and 5-15% in Pudgy Penguin NFTs.
Read also: SoFi Re-Launches Crypto Trading Service, Check out the Innovation!
FHFA Reform: Crypto as a Mortgage Asset
On the other hand, the Federal Housing Finance Agency (FHFA) has instructed Fannie Mae and Freddie Mac to consider crypto assets in the risk assessment of single-family mortgage loans.
FHFA Director William Pulte stated that this decision was based on an intensive review and a desire to support President Donald Trump’s initiative to facilitate the mainstream adoption of digital assets in the United States.
Fannie Mae and Freddie Mac will only consider crypto assets traded and stored on centralized crypto exchanges regulated in the US, such as Coinbase Global Inc (NASDAQ: COIN) and Robinhood Markets Inc (NASDAQ: HOOD). This move is expected to be a watershed moment for the institutional adoption of Bitcoin (BTC) as a reserve asset.
Also read: Will Bitcoin (BTC) Reach $111,000 After Balance Drop on Exchanges?
Market Impact and Future Prospects
The announcement from the FHFA has attracted significant attention in the web3 space, with Michael Saylor, founder and chairman of Strategy, calling it a defining moment for collateral recognition and institutional adoption of Bitcoin (BTC).
Bitcoin (BTC) price rose 1% to around $107,748, despite facing medium-term bearish sentiment. With the adoption of the PENGU Canary ETF and the recognition of crypto assets by the US housing system, we may see more traditional financial institutions begin to embrace digital assets.
This marks an important inflection point where trust in digital assets is increasing among financial institutions.
Conclusion
These two announcements not only mark progress in the integration of cryptocurrencies with mainstream financial markets, but also open up new opportunities for investors and stakeholders in the financial sector. With these steps, the future of the interaction between blockchain technology and the financial sector looks even brighter.
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*Disclaimer
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