Canary Capital Seeks SEC’s Permission To Launch TRX ETF With Staking Component

US spot exchange-traded fund applications continue to pile up. Nashville, Tennessee-based Canary Capital filed to list an ETF on Friday that holds the Tron blockchain network’s native token, TRX, which will include staking capabilities.

Canary Files For Staked TRX ETF

Canary submitted an S-1 registration statement for the Canary Staked TRX ETF with the U.S. Securities and Exchange Commission (SEC). As the name suggests, the fund seeks to hold spot TRX and stake a portion of the tokens via one or more staking infrastructure providers. The staking feature would allow investors to earn extra yield on their investment.

Finally seeing something that makes sense on the SEC website — TRX ETF LFG!!! https://t.co/DQlI35izRV

— H.E. Justin Sun (@justinsuntron) April 19, 2025

A proposed ticker symbol as well as the management fee for the fund will be revealed at a later date.

Since 2024, Canary Capital has filed for a number of other altcoin ETFs, including funds that, if approved, would give investors exposure to Litecoin (LTC), Ripple’s XRP, Hedera (HBAR), and Pengu (PENGU).

The appeal of crypto ETFs has been that they give traditional investors exposure to an asset without requiring them to buy and store it themselves.

TRX was recently trading at $0.2423, down slightly over the past 24 hours, according to data provider CoinGecko. With a market capitalization of $23 billion, it’s the ninth-largest cryptocurrency.

Dozens Of Altcoin ETFs

The US Securities and Exchange Commission authorized ETFs holding Bitcoin and Ether to list in the US in 2024, but has not yet approved any other altcoin ETFs.

Since U.S. President Donald Trump’s inauguration on Jan. 20, the Securities and Exchange Commission has acknowledged dozens of new altcoin ETF filings. Proposed ETFs include funds holding native layer-1 tokens such as Solana and SUI, as well as meme tokens like Dogecoin (DOGE) and Official Trump (TRUMP).

President Trump has said he wants America to become the world’s crypto capital and has appointed pro-crypto leaders to key regulatory agencies, including the SEC.

The flurry of altcoin ETF applications reflects issuers’ growing efforts to address demand for crypto investment products. Kaiko recently suggested that an XRP-based fund was the next most likely to secure the SEC’s sign-off.

Still, the regulator has yet to approve a staking component in a crypto ETF, and on Monday, the regulator postponed a decision on a proposed rule change that would enable Grayscale’s spot ETH funds to engage in staking on Ethereum.