Cboe requests to list first US spot Tron ETF offering staking rewards
By: bitcoin ethereum news|2025/05/15 16:45:04
0
Share
Cboe BZX Exchange has filed a proposed rule change with the Securities and Exchange Commission to list and trade shares of the Canary Staked TRX ETF under Rule 14.11(e)(4), marking the first attempt to register a US-based spot Tron ETF fund offering staking rewards. Filed on May 12, the proposal seeks approval to list Commodity-Based Trust Shares representing fractional interests in a trust holding TRX, the native asset of the Tron blockchain. What does the fund contain? The ETF, sponsored by Canary Capital, plans to stake a portion, potentially all, of its TRX holdings through one or more trusted providers, with staking rewards that contribute directly to funding NAV. Per the fund’s S-1 filed April 18, this structure enables investors to gain exposure to TRX’s spot price while earning yield from the network’s delegated proof-of-stake system. The current TRX staking yield sits around 4.6% APR, per StakingRewards. The ETF would track the CoinDesk TRX USD CCIX 60-minute New York Rate. The Pricing Benchmark aggregates notional TRX spot trades across major venues and is updated every 15 seconds. Using this index, net asset value will be calculated daily at 4 P.M. ET. Shares will be created and redeemed in 10,000-share baskets for cash only, with BitGo as custodian. All staking activity will be performed at the trust level, keeping authorized participants isolated from direct TRX exposure or staking delegation rights. Arguments for accepting the ETF Importantly, Cboe argues that the proposed product does not require a surveillance-sharing agreement with a “regulated market of significant size,” the threshold first introduced in the SEC’s 2018 Winklevoss disapproval order. Instead, it cites recent SEC approvals of spot Bitcoin and Ethereum products, where futures market size was deemed insufficient but “other means” to detect and deter manipulation were accepted. Cboe asserts similar justification applies here, referencing TRX’s decentralized market structure, deep liquidity, around-the-clock global trading, and high degree of arbitrage activity. The proposal details how TRX’s continuous trading, lack of centralized pricing, and absence of corporate data disclosures reduce susceptibility to manipulation. It highlights that any attempt to influence price on a single venue would require broader global market distortion, countered by arbitrage mechanisms. The trust’s cold storage of assets, dissemination of intraday indicative value every 15 seconds, and publicly available NAV data further support Cboe’s claim that investor protections are sufficiently met. SEC approval would mark the first time a US-listed crypto ETF includes a native staking component. While Ethereum-based funds approved in 2024 excluded staking to sidestep regulatory ambiguity, the TRX filing tests whether delegated proof-of-stake tokens can coexist with public fund structures. Filings for other funds to stake assets have been delayed until June. Notably, the filing does not disclose a ticker or specific staking provider but confirms that all rewards will flow back into the trust. The trust also declines to claim any rights to forked or airdropped assets. Cboe’s request aligns with broader efforts by ETF sponsors to differentiate crypto products beyond basic price exposure. With management fees on Bitcoin and Ethereum ETFs trending toward zero, staking income presents a mechanism to offset costs and attract capital seeking yield in a low-interest-rate environment. If approved, the Canary Staked TRX ETF could set a precedent for staking-enabled ETPs across other delegated PoS networks, such as Solana, Polkadot, and Cosmos. The SEC has yet to issue a timeline for its decision on the proposed rule change. Source: https://cryptoslate.com/cboe-aims-to-list-first-us-spot-tron-etf-offering-staking-rewards/
You may also like

Aster Chain officially launches: defining a new era of on-chain privacy and transparency
The privacy-focused trading ecosystem Aster, supported by YZi Labs, announced today that the Aster Chain mainnet is officially launched.

Stargate Debut Illustrated: The 1.4 Trillion Computing Power Empire Dream, Awakened
One Year Plus, Zero Employees, Zero Code

A Billion-Dollar Life Buy Threat Triggered by an Iranian Missile
One Word Change by a Reporter Can Make Gambler Win Millions

BlackRock Launches ETHB: Ethereum ETF Enters 'Interest-Bearing Age'
The BlackRock ETHB is not the first Ethereum ETF in the United States, but it is taking the most standard route.

Nvidia Starts Putting Chips in the Road | Rewire News Evening Update
Huang Renxun said this is the "ChatGPT Moment of Autonomous Driving"

RootData: February 2026 Cryptocurrency Exchange Transparency Research Report
This month's cumulative spot trading volume on cryptocurrency exchanges has decreased slightly by 4.7% compared to January, which is the result of multiple factors including market conditions, the macro environment, and the Spring Festival holiday in Chinese-speaking regions.

「One and Done SEA」, so OpenSea chooses to wait a little longer
It's already Q1 2026, and we're still waiting for OpenSea to launch its token.

Ray Dalio: The Resolution of the US-Iran Conflict Is In the Strait of Hormuz
In war, the ability to endure pain is often more important than the ability to inflict pain.

In just 70 days, Polymarket easily raked in tens of millions in fees
The money printer is running, and the future ceiling only depends on two main variables.

Matrixdock is launching the Silver Token XAGm, built on the FRS standard as an on-chain silver-backed asset.
In the future, Matrixdock will continue to expand to include more high-quality real-world assets, driving the development of a more transparent and robust on-chain reserve asset system.

a16z: The Hardest Enterprise Software, and the Greatest Opportunity in AI
The world will continue to run on SAP, but AI will reshape it

Polymarket Market-Making Bible: Pricing Spread Formula
This article presents a comprehensive market-making pricing framework that will elevate you from "guesstimate pricing spread" to "formula-based pricing spread."

Ray Dalio: If the United States loses Hormuz, it will lose more than just a war
In war, who can endure pain better is often more important than who can inflict pain better.
How to Earn Up to 40% Rebates on Crypto Futures Trading (WEEX Trade to Earn IV Guide)
WEEX Trade to Earn IV lets traders earn up to 40% fee rebates in real time through a tiered miner system tied to trading activity. With additional boosts from referrals, it offers a more reliable alternative to airdrops as the crypto market gains momentum.

NVIDIA Plays Trillion-Dollar Chess Game | Rewire News Morning Edition
DGX Station, a desktop workstation capable of running trillion-parameter models

Real-time Update | NVIDIA GTC 2026 Conference Highlights Galore
The most anticipated annual event in the AI field, NVIDIA's GTC 2026 Conference, kicked off today in San Jose, California, USA.

People Behind Pokémon Go: Started with CIA's Money, Now Mapping the World for the Military AI
The security of data depends on whose hands it ends up in.

Huang Renxun GTC Speech Full Text: By 2027, Market Demand Will Exceed $1 Trillion; Everyone Should Develop an OpenClaw Strategy
The underlying business logic driving future growth will be the "Tokenomics of a Platform Factory."
Aster Chain officially launches: defining a new era of on-chain privacy and transparency
The privacy-focused trading ecosystem Aster, supported by YZi Labs, announced today that the Aster Chain mainnet is officially launched.
Stargate Debut Illustrated: The 1.4 Trillion Computing Power Empire Dream, Awakened
One Year Plus, Zero Employees, Zero Code
A Billion-Dollar Life Buy Threat Triggered by an Iranian Missile
One Word Change by a Reporter Can Make Gambler Win Millions
BlackRock Launches ETHB: Ethereum ETF Enters 'Interest-Bearing Age'
The BlackRock ETHB is not the first Ethereum ETF in the United States, but it is taking the most standard route.
Nvidia Starts Putting Chips in the Road | Rewire News Evening Update
Huang Renxun said this is the "ChatGPT Moment of Autonomous Driving"
RootData: February 2026 Cryptocurrency Exchange Transparency Research Report
This month's cumulative spot trading volume on cryptocurrency exchanges has decreased slightly by 4.7% compared to January, which is the result of multiple factors including market conditions, the macro environment, and the Spring Festival holiday in Chinese-speaking regions.