Canary Capital Seeks SEC Nod for TRON (TRX) Staking ETF

TRON (TRX) Could Surge as Canary Capital Files Staking ETF

Canary Capital Group has registered a new appeal with the U.S. Securities and Exchange Commission (SEC) to launch a Staked TRX ETF. This exchange-traded fund will follow the price of Tron (TRX) token and let investors earn rewards by staking their TRX through the fund. The application was filed on April 18 and indicates that CSC Delaware Trust will serve as the trustee, and BitGo Trust Company will act as the custodian, safely holding the TRX tokens as the fund's custodian. Canary Capital, however, has not yet made available information on the fund's fees or ticker symbol. This is probably coming in subsequent releases.

Staking ETFs May Get Green Light Under Trump

Canary Capital is moving quickly as the Trump administration is expected to take a friendlier approach to crypto. Experts believe staking features in ETFs will now have a better chance of getting approved in the U.S.

The firm is also developing a few other crypto ETFs. As of now, Canary has made filings to roll out spot ETFs for popular coins such as Solana (SOL), XRP, Sui (SUI), Hedera (HBAR), and even Pudgy Penguins (PENGU), a meme-coin crypto.

Why TRX Matters Right Now

Tron’s token is gaining attention from big investors. It currently has a market cap of $22.94 billion and an average daily trading volume of around $463 million, trading at $0.2416.

On the price chart, it has already made a bullish move by forming a higher high. It is now trying to stay above the 24 cents support level. If it can hold this price and stay above the 50-day moving average, it could move up toward 30 cents soon.

Tron Network Growing Strong

Tron is becoming one of the busiest blockchain networks in the world. It now has over $4.9 billion locked in DeFi projects and more than $68 billion worth of stablecoins moving through its system.

Recent data shows that over 2.3 million active addresses used the Tron network in the past 24 hours, creating about $1.82 million in revenue. This shows that Tron is not only popular, but also making good money from its users.

After being shut out in the U.S. under the Biden governance, Tron has started to re-enter the market. This ETF filing indicates that the network is committed to expanding in the U.S. once again.

Final Thoughts

The Canary Staked TRX ETF might be a giant leap for Tron and the entire crypto community. If it passes, it will be the first staking ETF in the U.S. for TRX, enabling retail investors to receive rewards with ease without having to deal with the crypto themselves.

As more and more people accept crypto, such products can bring in additional investors, particularly those who like to invest the old-fashioned way. For the time being, everyone is waiting for the SEC and TRX's next price action.