The U.S. Securities and Exchange Commission (SEC) has officially begun reviewing the application from Canary Capital to launch the country’s first spot exchange-traded fund (ETF) based on the cryptocurrency TRON (TRX). Notably, the fund’s structure includes a staking mechanism from the outset, setting this project apart from most other altcoin ETF applications.
This is reported by Business • Media
Features of Canary Capital’s TRX-ETF Application
The documents were submitted to the SEC in mid-April 2025. If all regulatory procedures are successfully completed, the new ETF is planned to be traded on the Cboe exchange, with asset custody managed by BitGo Trust Company. This application is the first in the U.S. for a spot fund on TRON (TRX) and is distinguished by the fact that staking has been integrated into the strategy from the very beginning.
Review Timeline and Potential Prospects
The SEC has 240 days to make a decision regarding this application. However, according to Bloomberg Intelligence expert James Seyffart, the regulator is likely to take the full time available for review.
“He predicted the approval of the first spot ETFs based on altcoins in the U.S. in the fourth quarter of 2025.”
Despite the positive news for the industry, TRX prices on the Binance exchange fell by 3% amid a general downturn in the digital asset market.
In parallel with this application, Canary Capital has also initiated the submission of documents for the launch of several other ETFs based on different altcoins, expanding its own line of innovative financial products for investors.