Source: Cointelegraph Original: "{title}"

Regulatory documents show that the U.S. asset management company Canary Capital has submitted an application to list an exchange-traded fund (ETF) that holds the native token TRX of the Tron blockchain network.

According to the application documents, the fund plans to hold spot TRX and stake a portion of the tokens to earn additional income.

According to CoinMarketCap data, the total market capitalization of TRX tokens exceeds $22 billion. Data platform Stakingrewards.com shows that the annualized yield for staking TRX is approximately 4.5%.

This application is the latest example in the recent wave of applications for altcoin ETFs.

However, the fund proposed by Canary is somewhat unique because it requests approval to stake its cryptocurrency holdings in the initial application. Other U.S. ETFs, such as those holding the native token ETH of the Ethereum network, sought staking approval only after successfully listing spot token funds. These staking applications are still awaiting regulatory decisions.

Tron is a proof-of-stake blockchain network founded by Justin Sun. Sun also owns Rainberry (formerly known as Bittorrent), the developer of the BitTorrent protocol.

In March 2023, the SEC sued Sun for allegedly fraudulently manipulating the prices of Tron tokens and BitTorrent's BTT tokens.

In February of this year, the SEC and Sun requested the judge overseeing the lawsuit to pause the case for both parties to engage in settlement negotiations.

Since Trump took office in January of this year, U.S. regulators have processed dozens of applications for cryptocurrency investment products.

These applications include ETFs holding native layer one tokens such as Solana (SOL) and meme coins like Official Trump (TRUMP).

Since 2024, Canary has applied for multiple U.S. cryptocurrency ETFs, including funds holding Litecoin (LTC), Ripple (XRP), Hedera (HBAR), Axelar (AXL), Pengu (PENGU), and Sui (SUI).

Some industry analysts are skeptical about whether non-core cryptocurrency ETFs can attract traditional investors.

Cryptocurrency researcher Alex Krüger stated in a post on the X platform in March: "Most cryptocurrency ETFs will fail to attract assets under management (AUM) and will instead result in losses for the issuers."

Related: Huaxia launches Hong Kong's second Ethereum ETF and adds staking features.

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