Canary Capital Group Files with the SEC to Offer Canary Staked TRX ETF

Canary Capital has heavily capitalized on the positive crypto regulatory outlook under the Donald Trump administration.

Canary Capital Group has filed with the U.S. Securities and Exchange Commission (SEC) to offer a new exchange-traded fund (ETF) that will track the Tron (TRX) coin and allow investors to earn passively through the blockchain’s staking feature.

According to the SEC filing on Tuesday, the fund, named Canary Staked TRX ETF, will be structured as a trust and managed by a subsidiary of New York-based investment firm, aiming to list the ETF on the New York Stock Exchange.

The filing revealed that CSC Delaware Trust will act as the trustee of the fund, while BitGo Trust Company will be the custodian. Meanwhile, the fund’s management fee and ticker will be disclosed in a later filing.

The investment firm has already applied to offer several crypto ETFs, including Sui (SUI), Pudgy Penguins (PENGU), Solana (SOL), XRP, and Hedera (HBAR).

Earlier this year, the firm filed to launch a new ETF that will track the Chain (CHA) coin, and an ETF that will invest in a basket of metaverse tokens.

Canary Capital is heavily applying for a new ETF after the Trump administration brought a positive crypto regulatory outlook.

The filing of the Canary Staked TRX ETF is an indication of the rising demand for Tron coin among institutional investors.

The large-cap altcoin, with a fully diluted valuation of about $22.8 billion and a 24-hour average trading volume of around $464 million, has been signaling a potential upsurge after a bullish breakout.

In the daily timeframe, TRX price has already formed a higher high and is currently attempting to establish a support level around 24 cents a consistent close above 24 cents and the 50-day Moving Average (MA) will fuel a bullish uproar towards 30 cents.

The Tron network has grown to a vibrant DeFi ecosystem, with more than $4.9 billion in total value locked and over $68 billion in stablecoins market cap. According to market data from Defillama, the Tron network recorded nearly 2.3 million active addresses in the past 24 hours, thus a chain revenue of around $1.82 million.

The Tron network has gradually re-entered the United States market in the past few months after geoblocking during the Biden administration.

News data source: kdj.com

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