Canary Capital has filed for an exchange-traded fund (ETF) that would hold the Pengu (PENGU) governance token and Pudgy Penguins NFTs. According to the filing on March 20, this ETF would be the first in the United States to include NFTs if approved. The PUDGY token boasts a market capitalization of approximately $438 million as of the filing date. The ETF represents a part of an increasing trend in the U.S. of filings for new investment products linked to spot cryptocurrencies, including various altcoins and memecoins. Amidst this influx of crypto-related ETF applications, some industry analysts express skepticism regarding the attractiveness of non-core cryptocurrencies to conventional investors, suggesting that these new ETFs might struggle to gain assets under management. This comes at a time when the regulatory landscape surrounding digital assets is shifting, particularly following the reversal of previous stances under former President Biden during Donald Trump's administration. On the same day, Volatility Shares also filed for ETFs that leverage the token performance of Solana, though approvals for spot ETFs remain pending.

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