Canary Capital files for staked TRX ETF
Canary Capital has filed to list an ETF that will hold the Tron blockchain's native token, TRX. The fund plans to hold spot TRX and stake a portion for additional yield. TRX has a market capitalization exceeding $22 billion, with staking yielding about 4.5% annually. This filing is part of a trend of ETF submissions for alternative cryptocurrencies. Canary's proposal is notable for seeking permission to stake crypto holdings from the outset, unlike other US ETFs that have pursued staking approval post-listing. Tron, founded by Justin Sun, is a proof-of-stake network. Sun faces an SEC lawsuit for allegedly inflating TRX and BitTorrent's BTT token prices, with settlement talks ongoing. Since 2024, Canary has proposed several crypto ETFs, including those for Litecoin, XRP, and others. Analysts express skepticism about the appeal of non-core cryptocurrency ETFs to traditional investors.
