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Canary Staked TRX ETF to debut on Cboe under ticker TRXS

The fund will hold TRX and stake most of it in Tron’s proof-of-stake system, aiming to generate rewards that stay in the ETF to lift its net asset value.

Reported · Written up by our desk · Market Structure

CoinDesk reports that Tron’s native token, TRX, is set to debut as a U.S.-listed exchange traded fund later Wednesday on Cboe under the ticker TRXS. The product is designed to give investors exposure to the eighth largest cryptocurrency without needing to manage crypto wallets or related infrastructure.

The ETF will buy and hold TRX, then lock most of the holdings into Tron’s proof-of-stake system to earn rewards. CoinDesk notes that the rewards are not distributed as cash to shareholders, instead they remain inside the fund, which is intended to increase the ETF’s net asset value over time.

CoinDesk also points to Tron’s role in stablecoin transfers, saying it hosts the largest supply of USDT, the biggest dollar pegged token by market capitalization. Tron founder Justin Sun described the launch as a new institutional access route to a network he says is already supporting real world financial activity.

CoinDesk data cited in the article shows TRX’s market cap at about $32.17 billion and TRX up about 19% year to date, on track for a fourth straight year of gains. In the broader crypto market, smaller tokens including ATOM and ZEC were reported up about 8% or more over the prior 24 hours, while bitcoin had bounced toward $79,700 early Wednesday before easing.

Latest closeBitcoin $79,310.40 ▲1.1%

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