Canary Capital, in partnership with the Chicago Board Options Exchange (CBOE), has filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) to launch the Canary PENGU ETF. This proposed spot ETF is notable for combining the Solana-based memecoin PENGU and Pudgy Penguins non-fungible tokens (NFTs), marking the first ETF to include NFTs and the second memecoin-based ETF after Dogecoin (DOGE) to enter SEC review. The filing was internally approved by CBOE on June 10, 2025, and the SEC has since officially acknowledged it, initiating the formal review process. Following the filing and SEC acknowledgment, PENGU has experienced substantial market momentum, with its market capitalization soaring past $3 billion and the token achieving multiple milestones. It has surpassed other Solana memecoins such as TRUMP and BONK to become the largest memecoin on the Solana blockchain. Additionally, PENGU has outperformed many top cryptocurrencies, becoming the top gainer among the top 100 coins by market cap over various periods, including daily, weekly, and 90-day intervals. The token has also recorded impressive trading volumes, notably surpassing DOGE in 24-hour volume on South Korea's Upbit exchange, with volumes reaching approximately $222 million. Smart money and whale investors have increased their holdings significantly, contributing to PENGU's strong price rallies and trending status on platforms like CoinGecko. The ETF is composed of roughly 90% PENGU tokens and 10% Pudgy Penguins NFTs. Market observers anticipate that the ETF's approval could further boost PENGU's adoption and price, with the token approaching new all-time highs and expanding its exchange listings to over 130 platforms. The Pudgy Penguins ecosystem continues to gain traction, with upcoming events and collaborations expected to sustain its growth trajectory.