Key Takeaways
- Canary Capital filed for the primary US-listed ETF for Tron TRX incorporating staking options.
- The ETF goals to simplify TRX funding for conventional buyers by monitoring its spot value and providing staking rewards.
Share this text
Canary Capital has submitted an utility for the primary US-listed ETF centered on Tron’s TRX token that would come with the staking feature, in keeping with a brand new SEC filing.
The proposed fund, referred to as the Canary Staked TRX ETF, plans to trace TRX’s spot value utilizing CoinDesk Indices calculations, minus bills. BitGo Belief Firm will present custody companies for TRX holdings.
As famous within the submitting, the fund would stake parts of its TRX holdings by means of third-party suppliers to earn staking rewards, with BitGo sustaining management of personal keys. The ETF construction goals to simplify TRX funding for conventional buyers.
The administration charge charge and ticker image haven’t but been introduced.
TRX operates on the Tron blockchain, which launched in 2017 and makes use of a delegated proof-of-stake mannequin able to processing as much as 2,000 transactions per second, per the submitting. The community focuses on content material sharing, gaming, and DeFi functions.
On the time of writing, TRX traded at round $0.24, up barely after the ETF submitting surfaced, in keeping with data from CoinGecko.
Canary Capital is actively pursuing the launch of a number of crypto ETFs within the US, capitalizing on the newly established pro-crypto, pro-innovation regulatory and legislative atmosphere below the brand new administration.
The asset administration agency additionally lodged an S-1 application for the first-ever US ETF monitoring the spot value of Sui (SUI).
Past TRX and SUI, Canary is wanting for the SEC nod to supply ETFs monitoring a number of different crypto property, equivalent to Solana (SOL), Litecoin (LTC), XRP, Hedera (HBAR), and Axelar (AXL). The agency additionally filed for a pioneering ETF tied to the Pudgy Penguins NFT assortment.
Share this text
