$TRX

Canary Capital has officially submitted an application to become the first spot ETF for TRON (TRX) in the United States, including staking rewards. This marks a significant milestone for the crypto industry, combining traditional finance with blockchain staking mechanisms.

A New Type of ETF

The proposed ETF aims to track the spot price of TRX while providing investors with an estimated annual return of 4.5% through staking. This makes it the first ETF to directly incorporate staking into its structure.

How It Works

The fund plans to hold actual TRON (TRX) tokens and to stake a portion of them through trusted third-party platforms. BitGo Trust Company will be responsible for custody, ensuring the secure storage of tokens and overseeing staking operations.

Market Data and Transparency

The ETF's pricing data will come from the CoinDesk index, aimed at maintaining transparency and reliability for investors.

Market Position of TRON

TRON has recently surpassed Cardano to become the ninth largest cryptocurrency by market capitalization. This increase in visibility may help drive the approval of the ETF.

Broader Impact

If approved, this TRX ETF could pave the way for future crypto ETFs that include staking. It also adds TRX to the growing list of cryptocurrencies seeking spot ETF status, following Bitcoin and Ethereum.

A Trend Worth Watching