American Asset Management Company Canary Capital Has Taken a New Leap

American asset management company Canary Capital has taken a new leap with a new filing for a staked Tron ETF product.

American asset management company Canary Capital has taken a new leap with a new filing for a staked Tron ETF product.

The firm is known for pioneering some of the most renowned altcoin ETF products. This new Tron ETF further places Canary Capital at the forefront of the exchange-traded fund drive.

According to the prospectus, the new product will be named Canary Staked TRX ETF and will provide exposure to the price of Tron. The filing reveals that the asset management company will use the pricing data from Coindesk Indices to establish the Net Asset Value (NAV) for the ETF.

This latest filing comes barely a month after Canary Capital 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.

The 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.

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 has 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.

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.

Moreover, 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.