tl;dr
Crypto asset manager Canary Capital has filed with the U.S. SEC to launch an exchange-traded fund (ETF) tracking Cronos (CRO), the token linked to Crypto.com. This move follows the registration of a Delaware Trust entity to support the fund, named Canary Stake CRO ETF. Cronos ranks as the 44th-large...
Canary Capital has filed with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking Cronos (CRO), the native token linked to Crypto.com. This filing, under the name Canary Stake CRO ETF, follows the recent establishment of a Delaware Trust entity to support the fund’s legal structure.
Cronos ranks as the 44th-largest cryptocurrency by market capitalization, recently trading around $0.10 and showing a 5.5% price increase in 24 hours. This ETF application represents an extension of the growing wave of altcoin-based funds entering the market, riding the momentum generated by the success of spot Bitcoin ETFs such as BlackRock’s iShares Bitcoin Trust, which attracted $6.22 billion in investments in May alone.
Beyond the CRO ETF, multiple filings have surfaced for funds tracking other prominent altcoins like Solana, Dogecoin, Bonk, as well as more niche assets such as the Ethereum NFT collection Pudgy Penguins and its associated PENGU token on Solana. The SEC has recently extended the review deadlines for several altcoin ETF proposals, reflecting increased regulatory scrutiny amidst surging interest in crypto investment products.
In related developments, Crypto.com has shown intentions to resurrect billions of burned Cronos tokens to support partnership initiatives and to help facilitate ETFs across cryptocurrencies and industry equities. This plan coincides with a non-binding agreement with Trump Media & Technology Group, the owner of Truth Social, hinting at future ETFs involving Cronos, Bitcoin, and equities in sectors like energy.
This influx of altcoin ETF filings underscores a significant shift as cryptocurrency-based investment options diversify beyond Bitcoin, inviting investors to explore new assets within regulated frameworks. How will these developments shape the broader crypto market’s acceptance within traditional finance? The upcoming SEC decisions may provide key answers.