Canary Capital has invested in a spot ETF that will track the price of the #TRX token and include staking features.
Canary Capital has filed a spot #ETF that will track the price of the $TRX token and include staking features. The company filed the application with the SEC (United States Securities and Exchange Commission) on Friday.
The fund, called the Canary Staked TRX ETF, will stake a portion of its assets through third-party providers and will be held by BitGo. The ETF will track the spot price of TRX based on programming from CoinDesk Indices.
The fundās potential stock name and management fee have not yet been disclosed. However, the application proposes a TRX ETF with staking features, unlike the Ethereum ETFs previously rejected by the SEC.
The SEC was opposed to staking features under former SEC chairman Gary Gensler, but with Paul Atkins taking over as chairman, there are hopes that a crypto-friendly approach will be adopted. It was recently reported that Grayscaleās staking decision on its Ethereum ETF transaction has been postponed.
Canary Capital plans to launch ETFs based on cryptocurrencies such as not only TRX but also Pengu, Sui, Hedera, and Litecoin.
