Canary Capital Files First-Ever $TRX ETF with Staking
Canary Capital has officially filed for the first-ever U.S. spot ETF for TRON (TRX), incorporating staking rewards. This marks a major milestone in the crypto industry by blending traditional finance with blockchain staking mechanisms.
A New Kind of ETF
The proposed ETF is designed to track TRX’s spot price while also offering investors an estimated 4.5% annual yield through staking. This makes it the first ETF to integrate staking directly into its structure.
How It Works
The fund plans to hold actual TRX tokens, staking a portion of them through trusted third-party platforms. BitGo Trust Company is set to manage custody, ensuring secure token storage and overseeing staking operations.
Market Data and Transparency
Pricing data for the ETF will be sourced from CoinDesk Indices, aiming to maintain transparency and reliability for investors.
TRX’s Market Position
TRON has recently overtaken Cardano, becoming the ninth-largest cryptocurrency by market cap. This boost in prominence may help build momentum for the ETF’s approval.
Broader Implications
If approved, this TRX ETF could pave the way for future crypto ETFs that include staking. It also adds TRX to the growing list of cryptocurrencies seeking spot ETF status, following the likes of Bitcoin and Ethereum.
A Trend to Watch
This move places Canary Capital at the forefront of innovation in crypto finance, as the SEC continues to face increasing pressure to approve a wave of new ETF applications tied to various cryptocurrencies including $XRP , $SOL , and Dogecoin.