Cboe BZX Exchange has asked the U.S. Securities and Exchange Commission to allow trading of the Canary PENGU ETF, according to a Rule 19b-4 filing dated 25 June. The product, sponsored by Canary Funds, would track the Solana-based memecoin PENGU and hold Pudgy Penguins non-fungible tokens, making it the first proposed U.S. exchange-traded fund to bundle a cryptocurrency with NFTs. If accepted, the fund would become only the second spot memecoin ETF to reach the SEC’s formal review stage, following last year’s listing of a Dogecoin vehicle. Cboe internally approved the application on 10 June and now awaits the regulator’s decision, which typically follows a months-long comment period and can be extended up to 240 days. The filing comes amid a wave of digital-asset ETFs seeking approval, including multiple applications for Solana funds. Bloomberg ETF analysts said the agency’s response could set a precedent for how far the SEC is willing to broaden the range of crypto-based investment products available to U.S. investors. PENGU tokens rallied after the news, climbing more than 20% over the following three days to about $0.012 and lifting the memecoin’s market value to roughly $755 million, according to CoinMarketCap. Pudgy Penguins NFTs also saw increased trading volumes on major marketplaces.