The United States Securities and Exchange Commission has postponed its decision on the proposed Canary PENGU ETF, adding 60 days to its review timeline. The announcement, published on January 7, confirms that the SEC requires additional time to evaluate the application submitted by Canary Capital.
This proposed exchange-traded fund is designed to give investors direct exposure to the Solana-based meme coin PENGU, along with actual Pudgy Penguins non-fungible tokens. If approved, the ETF will be listed on the Cboe BZX Exchange.
The SEC clarified in its statement that the extension does not reflect any leaning toward approval or rejection of the proposal. This marks the second time the regulator has extended its decision period after initiating proceedings in September.
Next SEC Decision Date Set for March 11
Following the extension, the commissionโs next deadline to issue an approval or disapproval is now set for March 11. Continued delay keeps investors and market observers waiting for clarity on whether such crypto-native products can enter traditional markets.
The PENGU token saw a 6% price drop over the last 24 hours, currently trading at $0.0119. It recorded a 24-hour low of $0.0117 and a high of $0.0127. Trading volume declined by over 36% in the same period, pointing to lowered activity from retail traders.
On the daily chart, PENGU trades above the 50-day simple moving average but remains under both the 100-day and 200-day averages. The Relative Strength Index has retreated to 57 from 71 within 48 hours, reflecting profit-taking after recent gains.
Derivatives Market Reflects Cautious Optimism
CoinGlass data shows a 2% dip in total open interest for PENGU futures, now at $112.32 million. While Binance and OKX saw modest increases in open interest, Bybit recorded a slight drop. Traders appear to be adjusting positions as the market waits for further regulatory and economic updates.
