$TRX

Canary Capital has filed a Form S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch a Bitcoin spot exchange-traded fund (ETF) focusing on Tron (TRX).

The proposal filed on April 18 is the first of its kind to offer investors exposure to TRX market performance while also providing staking rewards. This distinguishes the fund from previous crypto spot ETF proposals.

Canary Capital's TRX ETF Could Test SEC's Stance on Staking Assets

The filing designates BitGo Trust Company as the custodian for TRX holdings and appoints Canary Capital as the fund's sponsor.

Justin Sun, founder of Tron, responded to this development by urging U.S. investors to act quickly. He emphasized TRX's long-term growth potential and suggested that institutional interest is likely to increase if the ETF is approved.