Pudgy Penguins jumps 23% on ETF proposal linking crypto and NFT assets

Key Points

1. The proposed Canary PENGU ETF allocates 80–95% to PENGU tokens and 5–15% to Pudgy Penguins NFTs, with the SEC currently reviewing the application.

2. PENGU's price reached its highest level since January 2025 after the SEC's acknowledgment, making it the top daily gainer on CoinGecko.

3. The SEC has opened a 21-day public comment window for the PENGU ETF, which represents a rare combination of fungible and non-fungible blockchain assets.

4. No altcoin or meme coin ETF has been formally approved to date, but the PENGU filing is among the few under active SEC review.

5. PENGU's rally is seen as a potential test case for crypto ETFs beyond Bitcoin and Ethereum, with market watchers noting a bullish cup-and-handle formation in its price chart.