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- Canary Capital seeks SEC approval for the first U.S. ETF to hold both a token and an NFT.
- The ETF would offer exposure to PENGU, Pudgy Penguins NFTs, and related assets like ETH and SOL.
- The trust aims to simplify access by allowing investment through traditional brokerage accounts.
Canary Capital has formally requested digital collectible-backed ETFs from the US Securities and Exchange Commission. The proposed fund contains investments in PENGU tokens together with Pudgy Penguins NFTs.
The ETF application arrived at the CBOE headquarters on March 20, 2025, as the first exchange-traded fund set to include NFTs among its asset portfolio.
The trust intends to include PENGU tokens, Pudgy Penguins non-fungible tokens, and digital assets encompassing Ethereum and Solana in its operations. The assets in the Pudgy Penguins ecosystem display direct or indirect relationships between them.
Through traditional brokerage accounts, this ETF allows investors to gain access according to the documents filed for the fund. Through planned management, the trust seeks to lower potential risks from the manual handling of digital assets.
ETF Proposal Brings Institutional Spotlight to Digital Collectibles
In December 2025, the PENGU token started its operations through the Solana blockchain platform. Besides Pudgy Penguin NFT holders, the PENGU token obtained distribution through airdrop to hand-selected participants across Ethereum and Solana network communities.
Successful approval of the ETF will establish it as a pioneering element within NFT-supported financial instruments. The SEC has only approved Bitcoin and Ethereum exchange-traded funds throughout its entire history in the United States.
Digital asset ETF filings by Canary Capital have continued after the firm introduced regulatory filings for SOL and XRP assets. The new filing aims to enable institutional investors to access several types of blockchain assets.
A regulated structure designed by the proposed trust enables investors to submit fungible tokens and non-fungible assets. This structure allows investors to access investments without operating crypto wallets or traditional decentralized platforms.
This trial provides a basis for upcoming mixed-token and NFT financial products under one pooling mechanism. Such approval from regulators would set a new benchmark in the United States for officially recognized digital asset fund management.
Conclusion
The ETF application submitted by Canary Capital signifies increasing market demand to unite conventional financial instruments with blockchain-based assets. Both crypto market participants and institutional entities will closely observe the SEC’s reaction to the proposal.
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