Canary Capital has filed with the SEC for a spot Tron ETF.
Canary Capital, an American asset management company, has bravely filed a new application for a staked Tron ETF.
The company submitted an S-1 prospectus for a spot Tron ETF with staking capabilities to the U.S. Securities and Exchange Commission on Friday. The goal of the new Canary Staked TRX ETF product is to offer price exposure to Tron.
Canary Capital expands ETF lineup with Tron filing
The company is well-known for creating some of the most prominent cryptocurrency ETF products, and their most recent Tron ETF strengthens its leadership position in the exchange-traded fund revolution. Although Canary Capital has not yet disclosed the trading platform where the product would be traded, it has confirmed that it will offer exposure to the Tron price.
Canary Capital intends to calculate the product’s Net Asset Value (NAV) using CoinDesk Indices’ price information. Less than a month has passed since the asset manager submitted an application to the US Securities and Exchange Commission (SEC) for the Pengu ETF. In addition to submissions for Hedera (HBAR) and Polkadot (DOT), Nashville, Tennessee-based Canary is also requesting clearance for Sui and XRP ETFs. However,bringing its total number of altcoin ETF proposals to six.
Following the successful launch of funds that track the performance of Bitcoin and Ethereum, respectively, last year, there has been a surge in applications for ETFs that monitor altcoins. Over the past 15 months, the 11 Bitcoin funds have seen net inflows of more than $35 billion.
Canary Capital Group LLC, the trust’s sponsor, will supervise the ETF’s management and performance. It is anticipated that CSC Delaware Trust Company will serve as the trustee. According to the firm, this new product structure aims to provide investors with market exposure to one of the most well-liked proof-of-stake digital assets as well as regulated access to staking rewards.
With a market valuation of $23 billion, Tron, also known as TRX, is the ninth-largest cryptocurrency. It was down more than 3% in the last day, trading at around $0.24. Over the past 12 months, TRX has increased by almost 120%. The cryptocurrency, which is powered by its blockchain, seeks to create a decentralized internet that is owned and managed by its users.
Canary Capital By mid-2025, the new SEC administration aims to approve cryptocurrency ETFs.
Despite the SEC’s continuous delays in making decisions on a number of cryptocurrency ETF proposals, industry optimism is still strong.
Other asset managers, including BlackRock, Bitwise, 21Shares, Franklin Templeton, and VanEck, are on the list of major fund issuers seeking an SEC green light for planned ETFs. The businesses have now submitted applications for ETFs based on Litecoin (LTC), Dogecoin (DOGE), Cardano (ADA), XRP, and Solana (SOL). According to industry analysts, the next ETFs to be approved are XRP and Solana.
Because of its structural similarities to Bitcoin and its classification as a commodity, Bloomberg experts predicted earlier this year that there was a 90% possibility that Litecoin will be approved as an ETF in 2025.
The chances of crypto ETF approvals are also anticipated to improve with the recent selection of Paul Atkins as the new SEC Chair. Alongside commissioners Hester Peirce and Mark Uyeda, who are both supportive of the business, Atkins is seen as a force for good in the field.
Experts predict that the SEC may approve several cryptocurrency ETFs by the middle of 2025 as a result of the leadership transition.
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