Canary Capital is looking to get the U.S. Securities and Exchange Commission’s sign-off for an exchange-traded fund that would track the Tron token TRX and has a staking component.
The institutional crypto trading and management firm filed a registration statement with the SEC on Friday for the Canary Staked TRX ETF. BitGo Trust Company would be the ETF’s custodian, according to the filing.
“The Trust intends to establish a program to stake a portion of the Trust’s assets through one or more staking infrastructure providers,” according to the filing.
Canary Capital is looking to launch a number of crypto ETFs, including ones tied to Pengu, Sui, Hedera and Litecoin. Other firms are also looking to get the SEC’s green light for several ETFs, mostly focused on XRP and Solana, with an expectation that the agency will give a friendlier ear than in the previous Biden administration.
When former Chair Gary Gensler led the SEC, the agency approved the listing of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs later in July, following a decisive court ruling brought on by ETF issuer Grayscale. Since Donald Trump became president in January, the SEC has shown an openness to the crypto industry through public crypto roundtables while also dropping several lawsuits against crypto firms.
The Tron network is a decentralized platform launched by entrepreneur Justin Sun a few years ago. TRX has a market capitalization of $22.9 billion and is the ninth-largest crypto, according to The Block’s price data.
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