The U.S. Securities and Exchange Commission (SEC) has accepted the application from Canary Capital to launch a spot ETF based on TRON (TRX). The 19b-4 application was submitted back in mid-April 2025, and if approved, the fund will be traded on the Cboe exchange, with BitGo Trust Company serving as the custodian.
This is reported by Finway
This investment product will be the first spot TRX-ETF in the U.S., particularly notable for incorporating a staking mechanism into its structure. As of today, the SEC has 240 days to make a decision on this application. However, as noted by Bloomberg Intelligence expert James Seyffart, the Commission is likely to use the entire allotted time for review.
The expert predicted that the first spot ETFs based on altcoins could be approved in the fourth quarter of 2025. Despite the positive news, the TRX price is currently trading down 3%, which is related to the overall decline in the cryptocurrency market.
It is worth noting that Canary Capital has also submitted applications for other financial products based on altcoins, indicating the company’s active interest in this market segment.
“Canary Capital submitted this application back in mid-April 2025.”