Key Takeaways
- Canary Capital filed for the first US-listed ETF for Tron TRX incorporating staking features.
- The ETF aims to simplify TRX investment for traditional investors by tracking its spot price and offering staking rewards.
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Canary Capital has submitted an application for the first US-listed ETF focused on Tron’s TRX token that would include the staking feature, according to a new SEC filing.
The proposed fund, called the Canary Staked TRX ETF, plans to track TRX’s spot price using CoinDesk Indices calculations, minus expenses. BitGo Trust Company will provide custody services for TRX holdings.
As noted in the filing, the fund would stake portions of its TRX holdings through third-party providers to earn staking rewards, with BitGo maintaining control of private keys. The ETF structure aims to simplify TRX investment for traditional investors.
The management fee rate and ticker symbol have not yet been announced.
TRX operates on the Tron blockchain, which launched in 2017 and uses a delegated proof-of-stake model capable of processing up to 2,000 transactions per second, per the filing. The network focuses on content sharing, gaming, and DeFi applications.
At the time of writing, TRX traded at around $0.24, up slightly after the ETF filing surfaced, according to data from CoinGecko.
Canary Capital is actively pursuing the launch of multiple crypto ETFs in the US, capitalizing on the newly established pro-crypto, pro-innovation regulatory and legislative environment under the new administration.
The asset management firm also lodged an S-1 application for the first-ever US ETF tracking the spot price of Sui (SUI).
Beyond TRX and SUI, Canary is looking for the SEC nod to offer ETFs tracking several other crypto assets, such as Solana (SOL), Litecoin (LTC), XRP, Hedera (HBAR), and Axelar (AXL). The firm also filed for a pioneering ETF tied to the Pudgy Penguins NFT collection.
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