- The staking feature for crypto ETFs will likely be approved by the Donald Trump administration.
- TRX, against the U.S. dollar, has been preparing to enter its macro price discovery.
Canary Capital Group filed with the United States Securities and Exchange Commission (SEC) on April 18 to offer Canary Staked TRX ETF. According to the SEC filing, the Canary Staked TRX ETF will track Tron (TRX) and enable investors to earn passively through the blockchain’s staking feature.
The filing noted that CSC Delaware Trust will act as the trustee of the Canary Staked TRX ETF, while BitGo Trust Company will act as the custodian of the fund.
Meanwhile, Canary Capital has yet to disclose the fund’s management fee and ticker, thus signing more filing amendments in the near future.
Canary Capital Pushes for Crypto ETFs
Canary Capital has heavily capitalized on the positive crypto regulatory outlook under the Donald Trump administration. As Coinpedia reported, Canary Capital has filed with the U.S. SEC to offer several spot ETFs.
Canary Capital’s notable filings for spot ETF approvals include Sui (SUI), Pudgy Penguins (PENGU), Solana (SOL), XRP, and Hedera (HBAR).
Impact on the TRX Market
The filing of the Canary Staked TRX ETF is an indication of the rising demand for Tron coin among institutional investors. Moreover, the large-cap altcoin, with a fully diluted valuation of about $22.8 billion and a 24-hour average trading volume of around $464 million, has been signaling a potential upsurge after a bullish breakout.
In the daily timeframe, TRX price has already formed a higher high and is currently attempting to establish a support level around 24 cents a consistent close above 24 cents and the 50-day Moving Average (MA) will fuel a bullish uproar towards 30 cents.
Bigger Picture
The Tron network has grown to a vibrant DeFi ecosystem, with more than $4.9 billion in total value locked and over $68 billion in stablecoins market cap. According to market data from Defillama, the Tron network recorded nearly 2.3 million active addresses in the past 24 hours, thus a chain revenue of around $1.82 million.
The Tron network has gradually re-entered the United States market in the past few months after geoblocking during the Biden administration.
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