Canary Capital Files S-1 for Spot TRX ETF Amid Broader Crypto Fund Pipeline Expansion

Canary Capital has taken another step towards expanding its crypto fund pipeline by filing an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch a spot TRX exchange-traded fund (ETF). The proposed fund, which would trade under the ticker TRXS, aims to track the price of Tron's native cryptocurrency, TRX, directly.

The filing marks another move by the asset manager into crypto ETFs, following its earlier applications for spot Litecoin and XRP funds. If approved, the TRX ETF would be the first of its kind in the U.S., offering investors regulated exposure to TRX through a traditional brokerage account.

Canary Capital's push comes amid a broader wave of crypto ETF filings following the SEC's approval of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July 2024. Since then, issuers have rushed to file for ETFs tied to other cryptocurrencies, anticipating a more favorable regulatory environment under the current SEC leadership.

The S-1 filing is the first step in the SEC's review process, which can take up to 240 days. After the S-1 is deemed effective, the exchange on which the ETF will list must also file a 19b-4 application, which triggers a separate approval timeline. Canary Capital has not yet filed the 19b-4.