Canary Capital submitted a Spot CRO ETF application containing stake to the SEC.

Gate News bot news, Canary Capital submitted an S-1 sign up statement to the SEC (SEC) on Friday, aiming to manage the potential first Spot CRO exchange-traded fund (ETF) in the US, which includes a stake portion.

The proposed fund provides direct exposure to CRO, the native cryptocurrency of the Cronos blockchain. The trust plans to pledge a portion of its assets through one or more staking providers, potentially generating additional income for investors. It will handle the issuance and redemption of shares in cash rather than in kind, similar to the structure of existing spot Bitcoin and Ethereum ETFs in the US. However, it will support in-kind redemptions if it is approved by regulators in the future.

Cronos is an EVM-compatible blockchain that supports DeFi, NFTs, and Web3 applications. It is built on the Cosmos SDK, supports low-cost transactions and cross-chain interoperability, and uses CRO for fee payments, governance, and staking.

Source: The Block