SEC Delays Review of T. Rowe Price and PENGU Crypto ETFs

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SEC Delays Decision on T. Rowe Price and Pudgy Penguins Crypto ETFs

Written by Aaron S.,

Editor-In-Chief

Last Updated: January 12, 2026

Key Takeaways

The SEC extended its review for the T. Rowe Price Active Crypto ETF and PENGU ETF by up to 45 days for deeper evaluation;
The PENGU ETF ties to Pudgy Penguins NFTs, while T. Rowe Price’s fund is an actively managed crypto product beyond Bitcoin and Ethereum;
The SEC also opened comments on options trading for the Grayscale CoinDesk Crypto 5 ETF, which includes Bitcoin, Ethereum, XRP, Solana, and Cardano..

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SEC Delays Decision on T. Rowe Price and Pudgy Penguins Crypto ETFs

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On January 12, the US Securities and Exchange Commission (SEC) extended its review period for two proposed crypto exchange-traded funds (ETFs).

The applications affected are the T. Rowe Price Active Crypto ETF and the Canary Pudgy Penguins (PENGU) ETF. Both postings appeared in the Federal Register.

The proposed PENGU ETF would allow Cboe BZX to list an ETF based on Penguins tokens and non-fungible tokens (NFTs) that relate to the Pudgy Penguins digital collection.

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The T. Rowe Price fund offers an actively managed crypto investment product on the NYSE Arca exchange and plans to cover a range of assets beyond just Bitcoin BTC $91,253.76 or Ethereum ETH $3,094.26 .

The SEC's deadlines have been extended by up to 45 days using standard procedures under the 19b-4 process. This does not mean approval or denial, but additional time for a deeper examination of topics such as asset safety for buyers, the trading environment, and the possibility of wrongdoing or price distortion.

Additionally, there is another development involving the Grayscale CoinDesk Crypto 5 ETF. The SEC began a comment period on the plan to list exchange-traded options for this ETF.

The fund holds a basket of five cryptocurrencies, including Bitcoin, Ethereum, XRP XRP $2.06 , Solana SOL $139.52 , and Cardano ADA $0.3863 .

People and firms can submit their thoughts on whether offering these options would meet the requirements designed to support organized and honest trading and to stop abuse.

Recently, Grayscale began distributing the Ethereum staking ETF in cash. What did the company say? Read the full story.