The story of the PENGU ETF has captivated cryptocurrency investors. Originating in 2025, Canary Capital Group proposed blending popular meme tokens with the iconic Pudgy Penguins NFTs into one fund. This unique approach sparked interest, but the U.S. Securities and Exchange Commission (SEC) took a cautious stance, delaying their decision to thoroughly assess the ETF’s structure. Initial deadlines were moved several times, culminating in October 12, 2025, for a final verdict. Currently, no official decision has been made, highlighting the SEC’s careful approach towards new crypto ETF models. This delay isn’t an outright rejection; it just gives regulators more time to scrutinize this novel setup.