Canary Capital, a renowned institutional crypto trading and management firm, has submitted a registration statement to the U.S. Securities and Exchange Commission (SEC), seeking approval for an innovative exchange-traded fund (ETF) centered around the Tron token (TRX) with an added staking feature.
The firm lodged the statement on Friday, proposing the Canary Staked TRX ETF. As per the document, BitGo Trust Company would serve as the ETF’s custodian. The Trust aims to initiate a program to stake a part of the Trust’s assets via one or more staking infrastructure providers, as stated in the filing.
In addition to TRX, Canary Capital plans to roll out a series of crypto ETFs linked to various cryptocurrencies such as Pengu, Sui, Hedera, and Litecoin. Other companies are also courting the SEC’s approval for their ETFs, mainly based on XRP and Solana, optimistic about a more favorable response than in the preceding Biden administration.
Under the leadership of former Chair Gary Gensler, the SEC approved the listing of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs later in July, following a decisive court ruling instigated by ETF issuer Grayscale. With Donald Trump assuming presidency in January, the SEC has displayed a welcoming stance towards the crypto sector, hosting public crypto roundtables and discontinuing numerous lawsuits against crypto companies.
The Tron network, a decentralized platform initiated by entrepreneur Justin Sun, has TRX as its native token, boasting a market capitalization of $22.9 billion, making it the ninth-largest cryptocurrency according to The Block’s price data.
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