Canary Capital has submitted an application for the first US-listed ETF focused on Tron's TRX token that would include the staking feature
Canary Capital has filed for the first US-listed ETF to track Tron’s TRX token and would include the staking feature, according to a new SEC filing.
The proposed fund, named the Canary Staked TRX ETF, plans to follow TRX’s spot price using CoinDesk Indices calculations, less expenses. BitGo Trust Company will provide custody services for TRX.
As noted in Friday’s filing, the fund would use third-party providers to stake portions of its TRX holdings and earn staking rewards, with BitGo remaining in control of private keys. The ETF structure is designed to make it easier for traditional investors to gain exposure to TRX.
The management fee rate and ticker symbol are still to be announced.
TRX operates on the Tron blockchain, which launched in 2017 and uses a delegated proof-of-stake model that can process up to 2,000 transactions per second, the filing states. The network is focused on content sharing, gaming, and decentralized finance (DeFi) applications.
At the time of writing, TRX traded at around $0.24, slightly up after the ETF filing surfaced, according to data from CoinGecko.
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