Animoca researchers note that the hybrid product, filed by Canary Capital, would allocate 80-95% of assets to the PENGU token and 5-15% to Pudgy Penguins NFTs. Pudgy Penguins, initially a 2021 NFT collection, underwent a significant turnaround after entrepreneur Luca Netz acquired it in 2022.
Source: Animoca Brands Research
Netz shifted focus from relying solely on NFT trading royalties to building a broad intellectual property (IP) business, Animoca Brands Research report details. This included launching physical toys sold at major retailers like Walmart and Amazon, generating over $13 million in revenue by late 2024.
The brand achieved widespread recognition through viral meme marketing, with its GIPHY account garnering over 53.7 billion views, surpassing traditional icons like Hello Kitty. Crucially, the project developed OverpassIP, a platform enabling NFT holders to earn royalties from licensed use of their penguin figures in merchandise, linking NFT value directly to IP commercial success.
Following the December 2024 launch of the PENGU token on Solana, CEO Luca Netz positioned it as a “social currency” intended to facilitate engagement within the expanding Pudgy ecosystem. Animoca Brands Research notes PENGU has attracted over 860,000 holders across Solana and Abstract Chain by July 2025, used for activities like tipping creators.
The PENGU ETF application represents growing institutional interest in tokens centered around community and culture. Its acknowledgment by the SEC marks a regulatory step forward for a novel product structure blending liquid tokens with scarce, utility-bearing NFTs. Other meme token ETFs, like those for dogecoin (DOGE), also remain under SEC review.
Animoca Brands Research highlights Pudgy Penguins’ evolution from a speculative NFT project into a multifaceted consumer brand leveraging Web3 principles, with the PENGU token and its proposed ETF signaling a new phase of mainstream integration.
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