Cronos saw a positive trend on Friday as Canary Capital filed for a CRO-based exchange-traded fund (ETF), defying a sector-wide downtick.
CRO is the native asset of the Cronos layer-1 blockchain, created by Crypto.com.
Canary submitted an S-1 Form to the U.S. Securities and Exchange Commission (SEC) for an ETF that would provide investors with exposure to CRO. The proposed product would also stake a portion of its CRO holdings to earn rewards.
This filing is part of Canary’s recent spree of ETF submissions, including plans for funds related to Solana (SOL), XRP, Sui (SUI), Litecoin (LTC), Axelar (AXL), Hedera (HBAR), and Pudgy Penguins (PENGU).
In January 2024, the SEC approved the first spot market Bitcoin (BTC) ETFs, leading to significant inflows into the top digital asset. Ethereum (ETH) ETFs were subsequently approved for trading in July. Additionally, financial firms Franklin Templeton and Hashdex launched joint BTC-ETH ETFs earlier this year.
At the time of writing, CRO is trading at $0.102, with an increase of over 8% in the past 24 hours. In comparison, the overall crypto market cap experienced a more than 4% decline during the same period.
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Generated Image: Midjourney