Cboe BZX Exchange Proposes Listing of Canary Staked TRX ETF Shares

The Cboe BZX Exchange has submitted a filing (SR-CboeBZX-2025-069) with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the Canary Staked TRX ETF.

The Cboe BZX Exchange has submitted a filing (SR-CboeBZX-2025-069) with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the Canary Staked TRX ETF (Symbol: STAK).

This filing proposes to list these shares under BZX Rule 14.11(e)(4), which pertains to the listing and trading of Commodity-Based Trust Shares.

The Trust

The Canary Staked TRX ETF was established as a Delaware statutory trust on February 27, 2025, and operates as a C corporation with no set termination date. The Trust is sponsored by Canary Capital Group LLC. Importantly, the Trust is not registered as an investment company under the Investment Company Act of 1940, nor is it classified as a commodity pool under the Commodity Exchange Act. As such, neither the Trust nor its Sponsor is regulated as a commodity pool operator or commodity trading advisor in connection with the Shares.

Listing and Registration

The Canary Staked TRX ETF shares will be listed and traded on the Cboe BZX Exchange in accordance with BZX Rule 14.11(e)(4), which governs the listing of Commodity-Based Trust Shares. The shares are set to be registered with the SEC through the Trust’s registration statement on Form S-1, dated April 18, 2025. This filing provides details of the Trust’s operations and structure, confirming its classification outside the scope of traditional investment company and commodity pool regulations.

The filing also mentions that the Trust’s organizational documents and the Articles of Incorporation were filed with the Delaware Secretary of State on February 27, 2025.

Surveillance and Regulatory Considerations

In its filing, Cboe BZX Exchange addresses regulatory concerns regarding the potential for market manipulation and fraud. Since 2017, the SEC has approved exchange filings for Trust Issued Receipts based on whether the listing exchange has a comprehensive surveillance-sharing agreement with a regulated market of significant size related to the underlying commodity. This is known as the “Winklevoss Test.” While this has been the primary standard for approval, the SEC has acknowledged that exchanges may demonstrate sufficient safeguards through alternative means to justify listing without a surveillance-sharing agreement.

The filing notes that the Cboe BZX Exchange aims to meet regulatory expectations by demonstrating its capacity to prevent fraudulent and manipulative practices. This proposal highlights the growing interest in offering investors access to new and innovative exchange-traded products based on digital assets like the Canary Staked TRX ETF.

If approved, the integration of the Canary Staked TRX ETF into the traditional securities market could open up new avenues for investors seeking exposure to cryptocurrency-linked assets in a regulated environment.

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