Tron (TRX) ETF Proposal by Canary Capital Signals Growing Institutional Interest
In a significant development for the cryptocurrency market, Canary Capital has filed for a Tron (TRX) ETF with staking capabilities, marking a potential milestone for institutional adoption of TRX. The proposed Canary Staked TRX ETF, submitted via Form S-1 to the SEC, aims to track TRX’s spot price while staking portions of its holdings through third-party providers, with BitGo serving as custodian. This move comes as Sui surpasses Chainlink in market capitalization, highlighting the dynamic nature of the crypto landscape in April 2025.
Canary Capital Files for Tron ETF With Staking Capabilities
Canary Capital has submitted a Form S-1 for the Canary Staked TRX ETF with the Securities and Exchange Commission (SEC). If approved, the fund would stake portions of its holdings in TRX through third-party providers, with BitGo acting as custodian. The fund would track TRX’s spot price using CoinDesk Indices calculations. A proposed ticker and management fee for the product have not been disclosed yet.
Sui Overtakes Chainlink in Market Cap as Price Surges 44%
Sui, the high-performance layer 1 blockchain, has surpassed Chainlink in market capitalization following a 44% price rally over the past week. With a market cap peaking at $10 billion before settling at $9.76 billion, Sui now ranks as the 11th-largest cryptocurrency, trailing TRON and Cardano.
Chainlink’s $9.46 billion valuation was eclipsed amid Sui’s ascent, fueled by heightened network activity. SUI trades at $3 with $2.68 billion in daily volume, marking a 43.58% weekly gain. The surge reflects growing institutional interest in scalable blockchain solutions.
Tron Founder Justin Sun Leads TRUMP Meme Coin Holdings with $14.32M Investment
Justin Sun, the controversial founder of the TRON blockchain, has emerged as the largest known holder of the $TRUMP meme coin with a position worth approximately $14.32 million. The revelation comes as the token’s community prepares for an exclusive dinner event hosted by former President Donald Trump for top holders.
On-chain data traced to an HTX cold wallet believed to belong to Sun shows holdings of 1,176,803 TRUMP tokens as of April 25, 2025. The disclosure triggered a 60% price surge within one hour, though the token has since retraced 0.6% to trade at $12.09.
The development underscores the growing intersection of cryptocurrency and political fundraising, with Sun’s substantial position potentially signaling institutional-grade interest in meme coin assets. Market observers note the TRUMP token’s volatility reflects the speculative nature of politically-themed digital assets during election cycles.
