Key Highlights
- Canary Capital introduced TRXS, America’s inaugural staked Tron ETF, now available on the Cboe exchange.
- Nearly all TRX assets in the fund are staked, with 80% of generated rewards flowing back into the net asset value.
- Tron holds the eighth position among cryptocurrencies with a $32.1 billion market capitalization.
- The TRON network facilitated $2.1 trillion worth of USDT transactions in Q2 2026, boasting an $89.2 billion stablecoin ecosystem.
- TRXS expands Canary Capital’s digital asset ETF portfolio, which features offerings for XRP, Litecoin, and HBAR.
On Wednesday, September 9, Canary Capital’s Canary Staked TRX ETF made its debut on the Cboe exchange under the TRXS ticker. This marks a milestone as the inaugural U.S. exchange-traded fund offering staked exposure to TRON’s blockchain token.
This investment vehicle enables market participants to gain TRX exposure through conventional brokerage platforms, eliminating the complexity of directly managing or staking cryptocurrency. According to Canary Capital, the fund will stake nearly its entire TRX treasury.
The fund retains 80% of all staking income, which directly contributes to the daily calculation of the trust’s net asset value. Staking expenses are limited to 20% of the rewards earned. Investors pay an annual management fee of 1.10% based on the fund’s TRX position.
BitGo Bank & Trust acts as the primary custodian for the fund’s TRX assets. Cash operations are managed by U.S. Bank, with U.S. Bancorp Fund Services providing administrative, accounting, and transfer agent support.
Following the announcement, cryptocurrency market observer Don Wedge commented on social platforms that “$TRX looking strong,” capturing the optimistic market response to the fund’s U.S. market entry.
TRON’s Dominance in Stablecoin Transfers
Justin Sun, founder of TRON, characterized the ETF as validation of the network’s importance. “The launch of the Canary Staked TRX ETF demonstrates the growing recognition of the TRON network as critical infrastructure for the global digital economy,” Sun stated.
During Q2 2026, the TRON blockchain handled $2.1 trillion in USDT transaction volume, based on data from a Messari analysis published August 10. The platform’s total stablecoin market capitalization reached $89.2 billion, with USDT accounting for $87.9 billion.
Daily USDT transfer activity increased 4.3% quarter-over-quarter, averaging $22.8 billion. The network surpassed 15 billion cumulative transactions by early August since its inception.
Expanding Canary Capital’s Cryptocurrency ETF Portfolio
Steven McClurg, CEO of Canary Capital, emphasized that investor focus is shifting toward blockchain infrastructure. “TRON has become a critical piece of the infrastructure powering digital asset payments and settlement,” McClurg noted.
Canary initially submitted the fund’s Form S-1 registration documentation in April 2025. Subsequent amendments incorporated specific details regarding the ticker symbol, trading venue, custodial arrangements, and staking mechanics.
The TRXS structure distinguishes itself from competing altcoin ETF approaches. Both VanEck and Grayscale excluded staking components from their BNB ETF proposals, whereas Canary integrated staking as a core feature of TRXS.
In December 2025, Bitwise submitted an SEC filing for a TRX-based ETF utilizing an alternative framework that permits up to 60% direct cryptocurrency holdings, with remaining assets in associated products or derivative instruments.
At the time of TRXS’s launch, TRX maintained a $32.1 billion market capitalization, securing the eighth spot in cryptocurrency rankings. Binance.US reinstated spot TRX trading options earlier this year, while Bitnomial introduced regulated TRX futures contracts on July 27.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
