Canary Capital is about to launch an Exchange-Traded Fund (ETF) that tracks the price of Tron’s native token TRX. Submit.
The hedge fund filed Form S-1 for the Canary Stake TRX ETF with the Securities and Exchange Commission (SEC) on Friday. As the name suggests, if approved, the fund bets a portion of its holdings.
This is done through a third-party provider, and Bitgo acts as the manager of the asset. The fund tracks the spot price of the TRX using Coindesk index calculations.
The proposed ticker and product management fees have not been shared yet.
The issuer initially submitted applications for the Spot Ethereum (ETH) ETF with staking capabilities, but deleted them in the later revised applications in order to receive approval from the SEC for the proposal.
The SEC under former chairman Gary Gensler was strictly against staking, but the publisher hopes that the appointment of the crypto-friendly chair Paul Atkins will allow for the addition of features to the Spot Ether Fund, particularly the Spot Ether Fund.
The decision on a February request from Grayscale to allow staining of the Grayscale Ethereum Trust ETF (ETHE) and the Grayscale Ethereum Mini Trust ETF (ETH) was postponed by regulators a few days ago.
