Canary Capital has filed to list a groundbreaking exchange-traded fund (ETF) tied to the Pengu (PENGU) token—governance token of the Pudgy Penguins NFT project—according to recent US regulatory filings. If approved, this would be the first ETF in the United States to directly hold both a cryptocurrency and NFTs.

The proposed ETF would hold spot PENGU tokens along with various Pudgy Penguins NFTs. The fund may also include other digital assets like Solana (SOL) and Ethereum (ETH), primarily to facilitate transactions related to the holdings. With PENGU’s market cap sitting at roughly $438 million as of March 20, the move adds to a growing list of crypto-based financial products seeking US approval.

This filing follows Canary’s earlier March 18 proposal for an ETF based on Sui (SUI), another layer-1 blockchain token. The surge in ETF filings comes amid a broader shift in US policy on digital assets since Donald Trump resumed office in January. His administration is seen as far more crypto-friendly than that of predecessor Joe Biden, whose agencies initiated over 100 enforcement actions against crypto firms.

While Canary’s Pengu ETF could be historic, not everyone is convinced. “Pengu ETF announced. Price barely goes up. New ETFs for crypto assets have become an irrelevant joke,” said crypto analyst Alex Krüger on X. Many doubt these non-core crypto ETFs will gain traction among institutional investors.

Meanwhile, Volatility Shares launched two new Solana futures ETFs on March 20—SOLZ and SOLT—offering one- and two-times leveraged exposure to SOL. Spot Solana ETFs, however, still await SEC approval.