Breaking: Canary Capital Files For Staked Tron ETF

American asset management company Canary Capital has taken a new leap with a new filing for a staked Tron ETF product. Known as the pioneer of some of the most renowned altcoin ETF products, this new Tron ETF has further placed the firm at the forefront of the exchange-traded fund drive.

The Canary Capital Staked Tron ETF

According to the prospectus released by the firm, the new product is dubbed the Canary Staked TRX ETF. The firm is yet to reveal the trading platform the product will trade on, however, it confirms it will provide exposure to the price of Tron.

Based on the pricing data offered by Coindesk Indices, Canary Capital said it will rely on this to establish the Net Asset Value (NAV) for the product. This latest filing comes barely a month after the asset manager filed for Pengu ETF with the US Securities and Exchange Commission (SEC).

Canary Capital Group LLC, listed as the trust’s sponsor, will manage the ETF’s operations and oversee its performance. CSC Delaware Trust Company is expected to act as the trustee. 

Per the update, this new product structure aims to offer investors regulated access to staking rewards and market exposure to one of the most popular proof-of-stake digital assets.

Beyond Tron: Altcoin ETF Momentum Grows

Notably, Canary Capital’s filing for a staked Tron ETF is part of a broader surge in altcoin exchange-traded fund applications. The firm has also submitted proposals for SUI ETF. It also have Hedera (HBAR), and Polkadot (DOT), bringing its total to six altcoin ETF filings.

Other asset managers, including Grayscale, 21Shares, Franklin Templeton, and VanEck, have joined the altcoin ETF trend. These firms have now filed applications for ETFs based on Solana (SOL), XRP, Cardano (ADA), Dogecoin (DOGE), and Litecoin (LTC).

This uptick is driven by a more favorable regulatory atmosphere following political shifts in Washington. The SEC has started reclassifying certain Proof-of-Work cryptocurrencies like Bitcoin as commodities. Notably, these could open the floodgates for ETF approvals across other altcoins.

Will US SEC Approve Crypto ETFs This Year?

While the SEC has delayed decisions on several altcoin ETF proposals, optimism remains strong. 

Earlier this year, Bloomberg analysts projected a 90% likelihood of approval for a Litecoin ETF in 2025. They attributed this to its classification as a commodity and its structural similarity to Bitcoin.

Furthermore, Paul Atkins’s confirmation as the new SEC Chair is anticipated to further ease the path for crypto ETF approvals. Alongside commissioners Mark Uyeda and Hester Peirce, Atkins is believed to be favorable for the industry. 

Consequently, with the new leadership takeover, experts predict that the Securities and Exchange Commission could approve multiple altcoin ETFs by mid-2025.