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 ETF is the first of its kind to combine the Solana-based memecoin PENGU and Pudgy Penguins NFTs, marking a novel entry into the SEC's formal review process alongside established cryptocurrencies such as Bitcoin, Solana, XRP, and Dogecoin. The filing, approved internally by CBOE on June 10, 2025, represents only the second memecoin-style ETF to enter SEC review after Dogecoin. Following the SEC's official acknowledgment of the filing in early July, PENGU's market activity surged, with the token experiencing rapid price appreciation and becoming the top gainer among the top 100 cryptocurrencies. PENGU's market capitalization has grown substantially, surpassing $3.7 billion and overtaking other Solana memecoins such as TRUMP and BONK to become the largest memecoin on the Solana blockchain. Trading volumes have also increased dramatically, with PENGU surpassing Dogecoin in 24-hour trading volume on South Korea's Upbit exchange, reaching approximately $222 million. The Pudgy Penguins ecosystem is expanding, with plans for a Pudgy Party launch on Polkadot and significant brand visibility gains, including adoption by major platforms like the Brave browser, which changed its homepage and profile picture to feature Pudgy Penguins, exposing the brand to over 90 million users worldwide. Analysts and market observers note strong smart money inflows, whale accumulation, and widespread community support, positioning PENGU for further growth and potential new all-time highs. The ETF is composed of roughly 90% PENGU tokens and 10% Pudgy Penguins NFTs, with expectations that it could generate $40–50 million in annual revenue, a portion of which will be used to buy back PENGU tokens, potentially accelerating its price momentum.