Canary Capital is seeking to launch an exchange-traded fund (ETF) monitoring the worth of Tron’s native token, TRX, in keeping with a submitting.

The hedge fund submitted a Type S-1 for the Canary Staked TRX ETF with the Securities and Trade Fee (SEC) on Friday. Because the identify suggests, the fund — if authorized — would stake parts of its holdings.

This might be completed by third-party suppliers, with BitGo appearing as custodian for the property. The fund would monitor TRX’s spot worth utilizing CoinDesk Indices calculations.

A proposed ticker in addition to the administration charge for the product haven’t been shared but.

Issuers had initially filed purposes for spot ethereum (ETH) ETFs with the staking characteristic included however eliminated them in an amended submitting later with a view to obtain approval from the SEC on their proposals.

Whereas the SEC beneath former Chair Gary Gensler was strictly towards staking, issuers have grown extra hopeful that they may be capable of add the characteristic to their spot ether funds, amongst others, with the appointment of crypto-friendly Chair Paul Atkins.

A choice on a February request from Grayscale to permit staking within the Grayscale Ethereum Belief ETF (ETHE) and the Grayscale Ethereum Mini Belief ETF (ETH) was postponed by the regulator just some days in the past.