The staking feature for crypto ETFs is gaining traction and is likely to be approved by the Donald Trump administration. TRX, against the U.S. dollar, has been gearing up to enter its macro price discovery phase.
Canary Capital Group recently filed with the United States Securities and Exchange Commission (SEC) on April 18 to introduce the Canary Staked TRX ETF. This ETF will track Tron (TRX) and allow investors to passively earn through the blockchain’s staking feature. The filing revealed that CSC Delaware Trust will serve as the trustee of the Canary Staked TRX ETF, while BitGo Trust Company will act as the custodian of the fund. Further details like the fund’s management fee and ticker are yet to be disclosed, with additional filing amendments expected in the near future.
Canary Capital has been proactive in capitalizing on the positive regulatory environment for cryptocurrencies under the Donald Trump administration. The company has also submitted filings for spot ETF approvals for Sui (SUI), Pudgy Penguins (PENGU), Solana (SOL), XRP, and Hedera (HBAR).
The introduction of the Canary Staked TRX ETF indicates a growing demand for Tron coin among institutional investors. With a fully diluted valuation of approximately $22.8 billion and a 24-hour average trading volume of around $464 million, TRX has been showing signs of a potential uptrend following a bullish breakout.
In terms of market impact, TRX price has already formed a higher high in the daily timeframe and is currently working on establishing a support level around 24 cents. A sustained close above 24 cents and the 50-day Moving Average (MA) could trigger a bullish rally towards 30 cents.
The Tron network has evolved into a vibrant DeFi ecosystem, boasting over $4.9 billion in total value locked and a stablecoins market cap exceeding $68 billion. Recent data from Defillama indicates nearly 2.3 million active addresses on the Tron network in the past 24 hours, generating a chain revenue of approximately $1.82 million.
After facing geoblocking during the Biden administration, the Tron network has gradually re-entered the United States market in recent months. This resurgence, coupled with the potential approval of the Canary Staked TRX ETF, points towards a bright future for TRX and the broader crypto market.