The firm has filed preliminary paperwork with the U.S. Securities and Exchange Commission, signaling plans to roll out a staked TRX exchange-traded fund.
Canary Capital is aiming to launch a staked Tron (TRX) exchange-traded fund (ETF), according to a recent filing with the U.S. Securities and Exchange Commission (SEC).
The proposed fund, which is still pending approval, would track the price of TRX and also allow for a portion of the tokens to be actively staked. This means that in addition to following the market value of TRX, investors would also indirectly benefit from any staking rewards that accrue.
To manage the custody of the TRX tokens, Canary Capital has enlisted the services of BitGo, a well-known provider of institutional-grade crypto storage solutions.
The filing provides a glimpse into the structure of the proposed ETF, but it leaves some key details, such as the official ticker and the annual fund operating expense ratio (AFOER), to be disclosed at a later time.
This move by Canary Capital comes amid a broader industry effort to expand the availability of crypto-linked investment products, offering institutional investors new avenues to participate in blockchain ecosystems without having to manage tokens directly.
Recently, there has been a surge in applications for Bitcoin (BTC) ETFs, and several firms are now venturing into the realm of altcoin ETFs. Moreover, there is an emerging trend towards integrating staking capabilities into these ETFs, aiming to provide additional yield opportunities for investors.
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