Canary Capital Seeks SEC Approval for Cronos ETF

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 cryptocy 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.