#TRXETF Canary Capital has filed an application with the US Securities and Exchange Commission (SEC) to launch the Canary Staked TRX ETF. This exchange-traded fund would track the price of Tron (TRX) and allow investors to earn rewards through staking. Here's what you need to know ¹:
- *Key Features:*
- The ETF would hold spot TRX and stake a portion of the tokens to generate added yield.
- BitGo Trust Company would serve as the custodian, safely holding the TRX tokens.
- The fund's net asset value would be calculated using price data from CoinDesk Indices.
- *Potential Impact:*
- If approved, this would be the first staking ETF in the US for TRX, enabling retail investors to receive rewards without directly handling cryptocurrencies.
- The ETF could attract more investors, particularly those who prefer traditional investment methods.
- Institutional investors may enter the market, driving up demand and potentially influencing TRX's price.
- *Current Status:*
- The application is under regulatory review and awaits approval.
- Details such as management fees and ticker symbols have not been disclosed yet.
- *Market Sentiment:*
- Despite the ETF filing, Tron is facing strong bearish sentiment, with TRX trading at $0.24 and experiencing a 1.28% drop on daily charts.
- Analysts predict a potential price increase if the ETF is approved, but others foresee a drop to $0.23 if market sentiment remains bearish ².
