Canary Capital has submitted a proposal to create an exchange-traded fund (ETF) that will hold the PENGU token, associated with the Pudgy Penguins NFT project, according to filings made on March 20, 2025. If approved, this ETF would be the first in the US to include NFTs. The fund's aim is to invest in both spot PENGU and various Pudgy Penguins NFTs. The Pudgy Penguins NFT brand boasts a market capitalization of approximately $438 million as per CoinGecko's recent data. The filing is part of a broader trend where multiple funds are seeking regulatory approval for crypto-related investment vehicles, especially those related to cryptocurrencies and memecoins like Dogecoin. However, some analysts express skepticism about the market demand for such ETFs, indicating that they may struggle to attract significant assets under management. Additionally, the current political climate regarding cryptocurrency has shifted since Donald Trump took office, with intentions to enhance the US's position in the crypto space compared to the stricter regulations enforced previously under Joe Biden. Recently, other asset managers have filed for ETFs tracking established tokens, while new investments into less conventional assets, such as PENGU, raise questions regarding investor interest.

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