CBOE Files for Pudgy Penguins ETF. The Meme Just Got Institutional.

What started as a joke has officially spiraled out of control.

Why call it a joke? Because even the creators of Pudgy Penguins never pretended these tokens were some kind of financial innovation. It’s a collection of goofy penguin-themed NFTs that blew up in the NFT mania era. That’s it.

But now the meme is knocking on the door of institutional finance:

• NFTs were never meant for this - they’re unique, illiquid, and mostly popular among collectors, not institutional investors.
• ETFs, on the other hand, are built around standardized, highly liquid assets like stocks, bonds, or crypto. Structuring one around NFTs is a logistical and regulatory nightmare.

So far, no NFT-based ETFs have ever made it to a public exchange. If approved, the Pudgy Penguins ETF would be the first of its kind - and one of the riskiest bets ever seen on traditional markets.

Along with the NFTs, the ETF would include PENGU tokens - the native currency and governance token of the Pudgy Penguins ecosystem. If you're curious about PENGU (or any of the thousands of other crypto assets), you can always find them on rabbit.io. No limits, no accounts, no friction - just swap and go.