American asset manager Canary Capital has filed a new application for a staked Tron (TRX) exchange-traded fund (ETF), marking its latest attempt to expand its presence in digital asset offerings. The filing was disclosed in a prospectus released this week, though the firm did not specify when or where the product would be listed.
The proposed product, named the Canary Staked TRX ETF, aims to offer investors price exposure to Tron, a blockchain-based cryptocurrency known for its support of decentralized applications and smart contracts. The ETF will also incorporate a staking component, a mechanism that allows crypto holders to earn rewards by participating in transaction validation on the network.
Staking-Based Structure and Pricing Framework
According to the prospectus, the ETF’s net asset value (NAV) will be determined using pricing data provided by Coindesk Indices, a digital asset market index provider. This move aligns with the industry’s broader reliance on third-party data to improve pricing transparency and reliability in ETF products.
Canary Capital said the ETF will be backed by actual holdings of TRX, which will be staked to generate rewards. However, details regarding the frequency of staking rewards distribution or the entity managing the staking operations were not included in the filing. The firm also withheld information about the specific exchange where the ETF would be listed.
Ongoing Push Into Crypto-Focused Funds
The filing comes just weeks after Canary Capital submitted a separate application for a Pengu ETF, another crypto-based fund currently under review by the U.S. Securities and Exchange Commission (SEC). Together, the two filings highlight the firm’s ongoing efforts to diversify its portfolio with blockchain-based investment products amid growing demand from retail and institutional investors.
Despite regulatory uncertainty surrounding cryptocurrency ETFs in the U.S., firms like Canary Capital continue to test the waters with new filings. The SEC has yet to approve any staked crypto ETFs, and analysts suggest that these products could face heightened scrutiny due to the complexities of staking and its regulatory treatment.
As of now, no official timeline has been given for the launch of the Canary Staked TRX ETF. The firm has not responded to requests for further comment on the filing or its broader digital asset strategy.
