Canary's US Spot CRO ETF Takes Step Forward With S-1 Filing
Jamie Redman
Crypto News
Canary's US Spot CRO ETF Takes Step Forward With S-1 Filing
Canary Capital Group LLC has filed paperwork with the U.S. Securities and Exchange Commission (SEC) seeking approval for the first spot exchange-traded fund (ETF) tracking Cronos (CRO) in the United States.
SEC Receives Application for First Spot CRO Exchange Fund
The proposed Canary Staked CRO ETF aims to provide investors with direct exposure to the price of CRO, the native token of the Cronos blockchain network. The registration statement, submitted on May 30, 2025, outlines a fund structure where Crypto.com will serve as the custodian, holding the underlying CRO assets, and as a liquidity provider.
The ETF intends to list shares on a yet-to-be-disclosed exchange under a ticker symbol also still pending. Canary Capital is the fund’s sponsor. A secondary objective of the ETF is to earn additional CRO through staking, involving the validation of transactions on the Cronos proof-of-stake (POS) blockchain. This process could generate rewards but also introduces specific risks like potential penalties and temporary asset illiquidity during mandatory unbonding periods.
The filing emphasizes the fund will not use leverage or derivatives. The S-1 filing details significant risks inherent to the investment. These include CRO‘s price volatility, regulatory uncertainty surrounding digital assets, potential disruptions on trading platforms, and the novel nature of the underlying technology. The fund is not registered under the Investment Company Act of 1940, meaning investors won’t receive certain regulatory protections afforded to traditional mutual funds.
Eric Anziani, President and COO of Crypto.com, stated, “ETFs have been an effective means for broadening investor participation in crypto and further integrating digital and traditional finance capabilities.” The filing follows a recently announced partnership between Canary Capital and Crypto.com to establish the private Canary CRO Trust for accredited investors.
The SEC must declare the registration statement effective before the Canary Staked CRO ETF can launch. The timing and outcome of the SEC’s review process remain uncertain. The prospectus is subject to completion and amendment. Canary Capital’s CRO ETF enters the fray as a wave of asset managers vie for regulatory approval on spot altcoin ETFs—those tracking cryptocurrencies beyond just bitcoin and ethereum.
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