$TRX Canary Capital files for staked TRX ETF

The ETF plans to hold and stake TRX, the native token of the Tron blockchain, which currently offers an annual yield of about 4.5%, according to StakingRewards.com.

United States asset manager Canary Capital has filed to list an exchange-traded fund (ETF) holding the Tron blockchain network’s native token, TRX

TRX $0.251, regulatory filings show. 

The fund intends to hold spot TRX and stake a portion of the tokens for added yield, the filing said. 

According to CoinMarketCap, the TRX token has a total market capitalization of more than $22 billion. Staking TRX generates an annualized yield of approximately 4.5%, data from Stakingrewards.com shows.

The filing is the latest in an outpouring of submissions aimed at listing ETFs holding alternative cryptocurrencies, or “altcoins.” 

However, Canary’s proposed fund is relatively unique in requesting permission to stake its crypto holdings in its initial application. Other US ETFs, such as those holding the Ethereum network’s native token, Ether

ETH $1,592, have sought approval for staking only after successfully listing a fund holding the spot token. They are still waiting for a regulatory decision.

Tron is a proof-of-stake blockchain network founded by Justin Sun, who also owns Rainberry (formerly Bittorrent), the developer of the BitTorrent protocol.