Apr 19, 03:00 PM

Canary Capital Files S-1 for Spot Tron ETF With $23 Billion Market Cap and Staking Rewards

Canary Capital has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch the first spot Tron (TRX) exchange-traded fund (ETF) that incorporates staking rewards. The proposed Canary Staked TRX ETF aims to provide investors with direct exposure to TRX, the ninth largest digital asset by market capitalization at approximately $23 billion, while offering additional yield through staking. The fund’s net asset value (NAV) will be calculated daily at 4 p.m. Eastern Time based on the CoinDesk benchmark. Shares of the ETF will be created and redeemed in cash under SEC Rule 415. Canary Capital’s trust qualifies as an emerging growth company. This filing follows a broader trend of spot cryptocurrency ETF applications since the approval of Bitcoin and Ethereum spot ETFs, with other digital assets such as Solana, XRP, Litecoin, and Cardano also submitting applications.