Canary Capital Registers Tron (TRX) ETF with Staking and Custody Options via BitGo

• TRX ETF May Include Staking Feature
• Canary Capital Selects BitGo as Custodian
• SEC considers including staking in crypto ETFs

Investment manager Canary Capital has filed with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tied to Tron’s TRX token. Dubbed the Canary Staked TRX ETF, the product aims to set itself apart by incorporating staking capabilities into its structure.

As described in the Form S-1 filed with the SEC, the fund aims to track the spot price of TRX, using calculations provided by CoinDesk Indices as a reference. Part of the assets will be allocated for staking through third-party providers, with BitGo responsible for the custody of the tokens.

The ETF's official ticker and management fee have not yet been released.

The strategy adopted by Canary Capital follows a recent trend of trying to include staking in crypto-focused financial products. Previously, similar applications had been made for spot Ethereum ETFs. However, the issuers chose to remove the staking functionality in the final versions, aiming to increase the chances of approval by the SEC during the administration of Gary Gensler, who showed strong resistance to this modality.

The appointment of Paul Atkins, who is seen as more open to the cryptocurrency market, has rekindled optimism among asset managers. Grayscale, for example, is awaiting a decision from the SEC on its application to allow staking in its Grayscale Ethereum Trust ETF (ETHE) and Grayscale Ethereum Mini Trust ETF (ETH) products, filed in February this year. The decision on that application was recently postponed.

The inclusion of staking in ETFs has been seen as an important step towards expanding institutional access to more complex cryptocurrency yield-generating strategies, especially on networks like Tron, which have widely used staking delegation systems.