Canary Capital seeks SEC approval for staked TRX ETF

Canary Capital is looking to get the U.S. Securities and Exchange Commission's sign-off for an exchange-traded fund that would track the Tron token and has a staking component. 

The institutional crypto trading and management firm filed a registration statement with the SEC on Friday for the Canary Staked TRX ETF. BitGo Trust Company would be the ETF's custodian, according to the  filing . 

"The Trust intends to establish a program to stake a portion of the Trust’s assets through one or more staking infrastructure providers," according to the filing.

Canary Capital is looking to launch a number of crypto ETFs, including ones tied to  Pengu ,  Sui ,  Hedera  and  Litecoin . Other firms are also looking to get the SEC's green light for several ETFs, mostly focused on XRP and Solana, with an expectation that the agency will give a friendlier ear than in the previous Biden administration. 

When former Chair Gary Gensler led the SEC, the agency approved the listing of  spot Bitcoin ETFs  in January 2024 and  spot Ethereum ETFs  later in July, following a decisive court  ruling  brought on by ETF issuer Grayscale. Since Donald Trump became president in January, the SEC has shown an openness to the crypto industry through public crypto  roundtables  while also dropping several lawsuits against crypto firms. 

The Tron network is a decentralized platform launched by entrepreneur Justin Sun a few years ago. TRX has a market capitalization of $22.9 billion and is the ninth-largest crypto, according to The Block's price  data .