Canary Capital Files for the First US-Listed TRX-Focused ETF with Staking Feature

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.

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, will seek to track TRX's spot price, used in CoinDesk Indices calculations, less applicable costs. BitGo Trust Company will provide custody services for TRX holdings.

As the filing notes, the fund will stake portions of its TRX holdings through third-party providers to earn staking rewards, with BitGo retaining control of the private keys. The ETF aims to make it easier for traditional investors to gain exposure to TRX in a familiar investment vehicle format.

The management fee rate and ticker symbol for the proposed ETF have not yet been disclosed.

TRX is the native token of the Tron blockchain, which was launched in 2017 and uses a delegated proof-of-stake model that can process up to 2,000 transactions per second, according to the filing. The network is used for a variety of applications, including content sharing, gaming, and decentralized finance (DeFi).

At the time of press, TRX was trading at around $0.24, notcially higher after the ETF filing surfaced, according to CoinGecko data.

Canary Capital is actively expanding its presence in the US crypto ETF market. The asset management firm is also launching multiple crypto ETFs in the US, taking advantage of the new pro-crypto, pro-innovation regulatory and legislative environment under the new administration.

Earlier this month, Canary Capital also lodged an S-1 application with the SEC for the first-ever US ETF tracking the spot price of Sui (SUI).

Besides TRX and SUI, Canary is applying to list 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.