YEREVAN (CoinChapter.com) — Canary Capital’s latest ETF filing outlines plans to hold spot TRX tokens and stake a portion of them to generate yield. This makes the application stand out from most U.S. crypto ETF filings, which usually seek staking rights only after securing initial approval.
The ETF would allow investors to gain exposure to both TRX’s market price and its staking rewards, which average around 4.5% annually, according to StakingRewards.com.
Tron’s Network and Founder Under Legal Pressure
The ETF centers on the Tron blockchain, a proof-of-stake network launched by entrepreneur Justin Sun. He also owns Rainberry, the company behind BitTorrent. In March 2023, the SEC sued Sun for allegedly manipulating the prices of TRX and BitTorrent’s BTT token. In February 2025, both parties requested the court to pause the case to begin settlement talks. Despite the legal issues, Tron’s market cap has stayed above $22 billion.
While several Ethereum ETFs have already listed or are under review, their issuers did not initially request staking rights. Instead, they waited until after launch to seek approval for staking. Canary Capital’s TRX filing includes this feature from the beginning, potentially accelerating investor returns if approved. This move could signal a shift in how future crypto ETFs are structured.
Part of a Broader Push for Altcoin ETFs
Canary’s filing follows a surge in ETF proposals for alternative cryptocurrencies. Since January 2025, when Donald Trump took office, the SEC has received dozens of filings tied to non-core tokens. These include Solana (SOL), the Trump-themed Official Trump (TRUMP) coin, and several others.
Canary has also submitted applications for ETFs focused on Litecoin (LTC), XRP, Hedera (HBAR), Axelar (AXL), Pengu (PENGU), and Sui (SUI). It recently became the first to file for a Sui ETF in the U.S.
Despite the uptick in filings, some industry observers remain cautious. Crypto researcher Alex Krüger noted in a March post on X that most altcoin ETFs may struggle to attract assets under management (AUM) and could end up being unprofitable for issuers.
Regulatory decisions on many of these applications, including Canary’s staked TRX ETF, are still pending.
