Canary Capital has officially submitted an application to the U.S. Securities and Exchange Commission (SEC) to create a new ETF based on the cryptocurrency TRON (TRX), which also includes the option for asset staking. This is the first spot TRX-ETF to appear in the United States.
This is reported by Finway
According to Nate Geraci, a representative of The ETF Store, the fund aims to provide investors with access to TRX price fluctuations. The submitted application did not include many details, notably lacking information about the exchange where this product is planned to be traded and its ticker.
However, the company revealed some key aspects. The custodian of TRX, which will be under the trust’s control, will be BitGo Trust Company. The document also states that the fund will include a staking program, as indicated by the following wording:
“The trust intends to create a program to stake a portion of the Trust’s assets through one or more infrastructure providers for staking.”
The TRX coin reacted positively to the news, recording a daily increase of 1.1%. At the time of writing, the TRX price is trading at $0.24, according to Binance exchange data.
It is also worth noting that TRX is one of the altcoins on which the new fund may be launched by Grayscale Investments.