Canary Capital has filed a 19b-4 form with the Chicago Board Options Exchange (CBOE) to list and trade the Canary PENGU ETF, which combines the Solana-based memecoin $PENGU and Pudgy Penguins NFTs. This filing marks the first-ever NFT-focused ETF application to enter formal review by the U.S. Securities and Exchange Commission (SEC), joining other memecoin-style ETFs such as DOGE. The ETF consists of approximately 90% $PENGU tokens and 10% Pudgy Penguins NFTs. The SEC officially acknowledged the filing in early July 2025, prompting a surge in $PENGU's market activity and price. Following the acknowledgment, $PENGU experienced substantial gains, becoming the largest daily gainer among the top 100 cryptocurrencies and reaching a fully diluted valuation exceeding $3.7 billion. $PENGU surpassed $TRUMP to become the second-largest memecoin on the Solana blockchain and climbed to rank 55 among all cryptocurrencies by market capitalization. The token has seen strong accumulation by whales and smart money, with notable retail trading volumes and increased social media visibility. The ETF application is considered a milestone as it integrates NFTs into a spot ETF structure, and approval could occur as soon as the following month. Meanwhile, the memecoin $PEPE also continues to show strong performance, with ongoing gains and increasing holder numbers.