#TRXETF #blessertrailscreatorfeed
Canary Capital's application to open the TRX ETF was the first to combine spot positions with staking rewards.
The proposed ETF will use BitGo as the custodian and CoinDesk indices to track the price of TRX.
The TRX token from TRON has a market capitalization of $22 billion and offers an annual yield from staking of about 4.5%.
Canary Capital filed Form S-1 with the SEC on Friday, proposing a spot exchange-traded fund (ETF) for the TRX cryptocurrency from TRON. Uniquely, the proposed ETF includes staking rewards alongside the impact on the spot price of TRX. This makes it the first proposed spot ETF in the USA that offers both market impact and staking yield.
The Canary Staked TRX ETF aims to profit from the price movement of TRX and the staking mechanism. According to the application, staking will be managed by third-party providers. BitGo Trust Company will act as custodian, using CoinDesk Indices for price data. The fee size and ticker are not yet disclosed.
This proposal stands out because most applicants for crypto ETFs have removed staking components from their applications to comply with SEC requirements. The direct inclusion of Canary staking clearly tests the current regulatory boundaries regarding yield characteristics.
