In April 2025, "Canary Capital" submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch the first exchange-traded fund (ETF) for TRX, known as the "Canary Staked TRX ETF." This fund aims to track the spot price of TRX and provide rewards through the staking process, offering traditional investors a simplified way to invest in TRX without needing to own the currency directly.
Key features of the fund:
Direct exposure to the price of TRX: The fund tracks the spot price of TRX, allowing investors to benefit from market movements without needing to purchase the currency directly.
Staking rewards: The fund offers additional returns by staking a portion of the digital assets, allowing investors to earn passive income.
Safekeeping of assets: BitGo Trust will take responsibility for the safekeeping of the fund's digital assets, ensuring the security of assets for investors.
Regulatory context:
This move comes at a time when the United States is witnessing increasing interest in exchange-traded funds linked to digital currencies, especially with expectations that the current U.S. administration will be more open to such products.
Potential market impact:
Despite the application being submitted, no significant impact on the price of TRX in the market has been observed so far. This may be due to investors waiting for regulatory approval before making investment decisions.