SEC Decides to Extend Crypto ETFs Review Period

By: crypto insight|2026/01/12 22:30:05

Key Takeaways

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on two significant crypto-related exchange-traded funds (ETFs).
The review involves Canary Pudgy Penguins (PENGU) ETF and T. Rowe Price Active Crypto ETF.
Both ETF applications are proceeding under the SEC’s 19b-4 rule, allowing decision extensions of up to 45 days.
Public commentary has been opened on a third crypto fund proposal amidst these extensions.

WEEX Crypto News, 12 January 2026

SEC Extends Decision on Canary and T. Rowe Crypto ETFs

In recent updates from the U.S. Securities and Exchange Commission (SEC), decisions concerning two vital crypto ETFs have been pushed forward. On January 12, 2026, these extensions were officially noted, reflecting the SEC’s ongoing cautious approach toward crypto market regulations.

According to the Federal Register’s notification, the ETFs in question — Canary Pudgy Penguins (PENGU) and T. Rowe Price Active Crypto — are currently under additional scrutiny as the SEC exercises its regulatory prerogatives. Under the widely-used 19b-4 process, the commission is legally permitted to extend its review timeframe by up to 45 days. This additional period allows the commission to thoroughly assess potential risks and merits associated with these funds.

Canary Pudgy Penguins (PENGU) ETF

The Pudgy Penguins ETF has attracted significant attention within the crypto investment community due to its intriguing blend of meme coin status and association with non-fungible tokens (NFTs). This ETF proposes to hold a variety of digital assets, primarily composed of PENGU tokens. About 80% to 95% of its portfolio is expected to be maintained in these tokens, with the remaining allocation dedicated to NFTs from the Pudgy Penguins collection. Factors such as the price, rarity, and desirability of NFTs will guide their inclusion.

The unique proposition of interlinking meme coins with NFTs positions Canary’s proposal at the forefront of innovative ETF strategies. However, the volatility inherent in both markets requires the SEC to meticulously evaluate potential financial risks to investors.

T. Rowe Price Active Crypto ETF

Meanwhile, the T. Rowe Price Active Crypto ETF also seeks approval amidst this scrutiny. This fund aims for active management across a broad spectrum of digital assets, surpassing the typical focus on Bitcoin and Ethereum. If granted approval, the fund is designed to offer a more diverse crypto investment vehicle, broadening the market reach for T. Rowe Price.

The SEC’s decision to delay is reflective of its stringent regulatory standards, ensuring comprehensive evaluations to protect investor interests. These extensions may also stem from the commission’s need to synchronize crypto market regulations with emerging trends, demands, and technologies.

Public Commentary and Broader Market Impact

Concurrently, the SEC has opened public commentary concerning a separate crypto fund proposal, inviting broader market and investor participation. This move not only indicates the regulatory body’s desire for greater transparency and inclusion but also sets the stage for a more collaborative approach between governing agencies and market stakeholders.

Given this context, market participants have adopted a ‘wait and see’ approach, anticipating the outcomes of these regulatory assessments. The delay has naturally sparked debates concerning crypto market fluidity and investment confidence, potentially impacting investor sentiment and market dynamics in the interim.

The Broader Implications of SEC’s Approach

The SEC’s current stance on postponing these ETF approvals is indicative of its cautious yet detailed approach to integrating crypto-related financial products into the mainstream financial system. By extending decision windows, the commission hopes to ensure that investors are safeguarded against market imbalances that might arise from unrestricted and potentially risky financial products.

As the regulatory body seeks to reconcile innovation with investor protection, it continues to shape the landscape of crypto investments, maintaining a pivotal role in determining the trajectory of market evolution.

-- Price

Impact on WEEX Users

For WEEX users and other market participants, these updates provide crucial insights into the regulatory environment surrounding crypto ETFs. It underscores the importance of staying informed on developments that could impact portfolio compositions and investment strategies. As the crypto market evolves, platforms such as WEEX offer valuable tools and resources for users to navigate these changes effectively. [Sign up with WEEX today for the latest updates and innovation in crypto trading.](https://www.weex.com/register?vipCode=vrmi)

FAQ

What is the SEC’s 19b-4 process?

The SEC’s 19b-4 process allows the commission to extend the review period for new ETF applications by up to 45 days. This ensures thorough evaluation of potential risks and benefits of financial products before approval.

What makes the Canary Pudgy Penguins ETF unique?

The Canary Pudgy Penguins ETF is notable for its integration of meme coins and NFTs within its investment strategy. The fund plans to allocate its holdings primarily in PENGU tokens, with a smaller percentage dedicated to Pudgy Penguins NFTs.

Why is the T. Rowe Price Active Crypto ETF significant?

The T. Rowe Price Active Crypto ETF aims to broaden the spectrum of investments by offering an actively managed fund across various digital assets beyond core cryptocurrencies like Bitcoin and Ethereum, potentially providing a more diverse investment option for consumers.

How can public commentary influence ETF approval?

Public commentary allows market participants to express opinions and concerns about proposed ETFs, providing the SEC with additional perspectives to consider in its decision-making process. This can lead to adjustments that better align financial products with market needs.

What does this delay mean for crypto investors?

The SEC’s delay reflects a careful approach to crypto market integration, signaling to investors the importance of due diligence and risk assessment when engaging with new, volatile financial products. Investors should remain informed and adaptable to regulatory changes that may affect market conditions.

On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.

2025 Full Year and Fourth Quarter Financial and Operational Highlights

• Financial Performance:

Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.

Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.

Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.

• Mining Operations and Costs:

A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.

The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;

The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.

As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.

• Strategic Progress:

The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.

CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."

"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."

The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."

Fourth Quarter 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.

Operating Costs and Expenses

The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.

This includes:

· Cost of Revenue (excluding depreciation): $1.553 billion

· Cost of Revenue (depreciation): $38.1 million

· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)

· Mining Machine Impairment Loss: $81.4 million

· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million

Profit Situation

The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.

The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.

The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.

Full Year 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.

Operating Costs and Expenses

The total annual operating costs and expenses amount to $1.1 billion.

Specifically, they include:

· Revenue Cost (excluding depreciation): $543.3 million

· Revenue Cost (depreciation): $116.6 million

· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)

· Miner Impairment Loss: $338.3 million

· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million

Profitability

The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.

The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.

Financial Position

As of December 31, 2025, the company's key assets and liabilities are as follows:

· Cash and Cash Equivalents: $41.2 million

· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million

· Miner Net Value: $248.7 million

· Long-Term Debt (related party): $557.6 million

In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.

Stock Repurchase

As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

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