Yigit Taha OZTURK 
Asset manager Canary Capital has filed to list an exchange-traded fund (ETF) that will hold Pengu (PENGU), the governance token of the Pudgy Penguins NFT project, along with various Pudgy Penguins NFTs. The filing was submitted to the U.S. Securities and Exchange Commission (SEC) on March 20.
If approved, this would be the first U.S. ETF to directly hold NFTs, setting a precedent in the market. According to the filing, the fund will also hold digital assets such as SOL and ETH, which are necessary for purchasing, selling, and transferring the fund’s PENGU tokens and Pudgy Penguins NFTs.
Launched in December, PENGU currently has a market cap of approximately $438 million as of March 20, according to CoinGecko. Pudgy Penguins is widely regarded as one of the most popular NFT brands in the space.
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Just two days earlier, on March 18, Canary also filed for the first Sui (SUI) ETF in the U.S., focusing on the native token of the Sui Layer-1 blockchain.
Policy Shifts and Market Reactions
Under President Donald Trump’s second term, the U.S. government has reversed its stance on digital assets, aiming to make America “the world’s crypto capital.” During President Joe Biden’s administration, regulators had initiated more than 100 enforcement actions against crypto firms.
Despite these developments, some analysts remain skeptical about the adoption of ETFs focused on NFTs and memecoins. Crypto researcher Alex Krüger commented on X (formerly Twitter), “Pengu ETF announced. Price barely goes up. New ETFs for crypto assets have become an irrelevant joke.”
On March 20, asset manager Volatility Shares launched two new Solana futures ETFs: SOLZ and SOLT, which offer 1x and 2x leveraged exposure to SOL price movements. Spot Solana ETFs are still awaiting regulatory approval.
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