The Canary Staked TRX ETF has begun its U.S. market debut under the ticker TRXS, giving investors exposure to TRON’s native token while incorporating rewards earned from staking.
Summary
- Canary Capital has launched the first staked TRX ETF under the ticker TRXS, giving investors exposure to TRON through traditional markets.
- The fund is designed to stake substantially all of its TRX holdings, with retained rewards incorporated into its net asset value.
- TRON processed $2.1 trillion in USDT transfers during the second quarter as its stablecoin market capitalization reached $89.2 billion.
- TRXS expands Canary Capital’s crypto ETF lineup, which already includes products tracking XRP, Litecoin and HBAR.
According to recent reporting, the Canary Capital product is set to start trading on Wednesday, Sept. 9, as the first staked exchange-traded fund tied to TRON. The fund gives investors a route to TRX (TRX) through traditional brokerage accounts while holding and staking the underlying tokens.
TRON founder Justin Sun said the launch gives institutional investors another way to access a network already being used for financial activity.
“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 said, adding that the product provides access to a network “already powering real-world financial activity at scale.”
TRX had a market capitalization of roughly $32.1 billion at the time of the announcement, placing it eighth among cryptocurrencies by market value, according to The Block’s price data.
TRXS combines TRX exposure with staking rewards
Unlike an exchange-traded product that only holds its underlying cryptocurrency, TRXS is designed to earn additional TRX by participating in TRON’s proof-of-stake system.
Canary Capital’s latest registration documents show that the fund’s primary investment objective is to track the value of its TRX holdings after expenses and liabilities. Its secondary objective is to earn additional tokens through staking.
As crypto.news previously reported, Canary expects to stake substantially all of the TRX held by the trust. Staking fees are capped at 20% of the rewards generated, leaving the trust with the remaining 80%.
Rewards retained by the trust are included when its daily net asset value is calculated, allowing staking income to become part of the fund’s value instead of being distributed separately.
The August filing set the fund’s annual sponsor fee at 1.10% of its TRX holdings. The fee accrues daily and can be paid monthly using either TRX or cash.
BitGo Bank & Trust was named as custodian for the fund’s TRX, while U.S. Bank handles its cash. U.S. Bancorp Fund Services provides administrative, accounting and transfer-agent services.
TRXS is listed on Cboe and creates a brokerage-based route to TRX without requiring investors to directly hold the token or manage the technical process involved in staking it.
Canary originally submitted the fund’s Form S-1 registration statement in April 2025. Later amendments added its ticker, exchange, custody arrangements, staking structure and other operating terms.
TRON stablecoin activity backs Canary’s case for TRXS
Canary Capital CEO Steven McClurg linked the product to TRON’s role in stablecoin payments and settlement, where the network handles large volumes of USDT transactions.
“As stablecoin adoption continues to grow globally, TRON has become a critical piece of the infrastructure powering digital asset payments and settlement,” McClurg said.
He added that the asset manager believes investors are increasingly looking at the blockchain networks behind crypto activity, alongside the digital assets themselves.
Network data provides the operating figures behind that argument. TRON processed $2.1 trillion in USDT transfers during the second quarter of 2026, according to an Aug. 10 Messari report.
The blockchain’s stablecoin market capitalization reached $89.2 billion during the quarter, while USDT accounted for $87.9 billion, or 98.5% of the total. Average daily USDT transfer volume increased 4.3% from the previous quarter to $22.8 billion.
By early August, TRON had crossed 15 billion transactions since launch. Daily activity exceeded 12.5 million transactions at the time, while USDT alone recorded 2.55 million transfers and $28.1 billion in onchain volume during the preceding day.
TRON’s U.S. market access had been expanding before the ETF launch. Binance.US restored spot TRX trading, while Bitnomial introduced spot trading before launching regulated TRX futures on July 27. Anchorage Digital opened institutional TRX staking access in July through its regulated custody framework.
Canary expands its lineup of crypto ETFs
TRXS joins a series of cryptocurrency investment products introduced by Canary Capital over the past year.
The asset manager has launched ETFs tracking cryptocurrencies including XRP, Litecoin and Hedera’s HBAR, while filing for products linked to several other digital assets.
Canary’s decision to include staking within TRXS differs from some other altcoin ETF structures. Updated filings for proposed BNB exchange-traded funds from VanEck and Grayscale kept staking outside their main launch structures, while Canary retained staking as part of the TRX fund’s investment strategy.
TRX has drawn interest from other fund managers as well. Bitwise filed with the U.S. Securities and Exchange Commission in December 2025 for 11 single-asset crypto ETFs, including a product tied to TRX.
The proposed Bitwise strategy uses a different structure, allowing up to 60% of assets to be held directly in the underlying cryptocurrency while allocating the remaining exposure through related exchange-traded products or derivatives.
Canary’s TRXS instead directly holds TRX while using those holdings to participate in the network’s staking process, with the resulting rewards incorporated into the trust’s net asset value.
