Canary Capital Files for Staked Tron ETF
American asset manager Canary Capital has filed for a staked Tron ETF, further solidifying its position as a leader in the altcoin ETF space. This follows their recent filing for a Pengu ETF and underscores the increasing momentum in the market.
Canary Staked TRX ETF
The proposed ETF, the Canary Staked TRX ETF, will provide investors with exposure to Tron's price, leveraging Coindesk Indices pricing data to establish its Net Asset Value (NAV). The specific trading platform remains undisclosed. Canary Capital Group LLC will manage the ETF, with CSC Delaware Trust Company serving as trustee.
NEW: @CanaryFunds just filed for a staked TRX ETF (Tron) pic.twitter.com/2Vm5L1zWT9
— James Seyffart (@JSeyff) April 18, 2025
This structure offers regulated access to staking rewards and market exposure to Tron, a prominent proof-of-stake cryptocurrency.
Altcoin ETF Momentum
Canary Capital's Tron ETF filing is part of a broader trend. They've also submitted proposals for ETFs based on Sui, Hedera (HBAR), and Polkadot (DOT), bringing their total altcoin ETF filings to six. Other significant players like Grayscale, 21Shares, Franklin Templeton, and VanEck are also pursuing altcoin ETFs targeting Solana (SOL), XRP, Cardano (ADA), Dogecoin (DOGE), and Litecoin (LTC).
This surge is fueled by a shifting regulatory landscape. The SEC's reclassification of certain Proof-of-Work cryptocurrencies as commodities has increased optimism for broader ETF approvals.
SEC Approval Outlook
While the SEC has delayed decisions on some altcoin ETF proposals, analysts remain optimistic. Bloomberg analysts predicted a 90% likelihood of a Litecoin ETF approval in 2025, citing its commodity classification and similarities to Bitcoin. The confirmation of Paul Atkins as SEC Chair is also viewed favorably by the industry, as he, along with commissioners Mark Uyeda and Hester Peirce, are seen as more crypto-friendly.
This positive outlook suggests the SEC may approve multiple altcoin ETFs by mid-2025. However, market conditions and regulatory developments should always be considered.
Disclaimer: This information is for educational purposes only and does not constitute financial advice. Conduct thorough research before making any investment decisions.