In brief
- Canary Capital filed with federal regulators to offer a Cronos ETF to investors in the U.S.
- The application is the latest of dozens of proposals that aim to track the price of altcoins.
- Trump Media & Technology Group is also aiming to launch ETFs in partnership with Crypto.com.
Crypto asset manager Canary Capital has applied for an exchange-traded fund tracking Cronos (CRO), the token affiliated with the Crypto.com exchange, according to a filing with the U.S. Securities and Exchange Commission on Friday.
The S-1 registration form marks Canary Capital’s latest step toward potentially debuting its Canary Stake CRO ETF in the U.S. and adds to the growing list of altcoin-based funds before the regulator.
The issuer registered a Delaware Trust entity earlier this month, laying the legal groundwork for the fund.
Cronos is the 44th-largest cryptocurrency by market capitalization, according to data provider CoinGecko. It was recently trading at $0.10, up 5.5% in the past 24 hours, data shows.
The CRO ETF filing is part of a wave of applications that issuers have submitted for funds based on popular altcoins. Those submissions follow the success of spot Bitcoin ETFs such as BlackRock’s iShares Bitcoin Trust ETF, which as of Wednesday had raked in a record-breaking $6.22 billion in investments in May.
The filings include proposals for funds tracking Solana, Dogecoin, Bonk, Official Trump, and even the Ethereum NFT collection Pudgy Penguins and its associated PENGU token on Solana.
Over the past few months, the Commission has extended its deadlines to approve or reject applications for SOL, XRP, and DOGE.
Earlier this year, Crypto.com proposed resurrecting billions of burned Cronos tokens to fund a non-binding agreement with Trump Media & Technology Group, the Truth Social owner with links to U.S. President Donald Trump and other members of the First Family.
In March, the companies signaled they would make ETFs based on Cronos, Bitcoin and equities for “diverse industries such as energy” available to investors.
Edited by James Rubin
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