Canary Capital’s Whimsical Crypto Adventure! 🐦💰

Oh, gather ’round, dear friends, for a tale of wonder and whimsy! Today, the clever folks at Canary Capital, a rather cheeky asset management firm from the land of the free, have decided to tickle the fancy of the Securities and Exchange Commission (SEC) with a shiny new Form S-1 registration! Yes, indeed! They’re launching the very first staked Cronos (CRO) ETF, and it’s as exciting as a chocolate river in a candy factory! 🍫🏭

Now, hold onto your hats, because the crypto community is buzzing like a swarm of bees! CRO has jumped up by a delightful 2.94% from a sleepy low of $0.0903 to a sprightly $0.1002! And what’s this? A trading volume that’s gone bonkers, soaring over 129% in just 24 hours to a whopping $51.39 million! Talk about a party! 🎉

According to the press release (which sounds very official, doesn’t it?), this magical fund, dubbed the Canary Staked CRO ETF, promises to sprinkle investors with direct exposure to the price of CRO while they earn even more CRO through the mystical art of staking. The trust, mind you, will be nestled in Delaware, where all the CRO tokens will be kept safe and sound by the Foris DAX Trust Company, also known as Crypto.com Custody Trust Company. Quite a mouthful, isn’t it? 😜

But wait! There’s a twist! Staked CRO must endure a 28-day unbonding period before it can be whisked away or withdrawn. And, oh dear, a unified annual fee will apply, though the exact percentage is still a closely guarded secret! The ETF’s trading symbol? Well, that’s still playing hide and seek! 🕵️‍♂️

In a rather grand statement, Eric Anziani, the big cheese at Crypto.com, proclaimed that “ETFs have been a splendid way to broaden investor participation in crypto and mix digital with traditional finance.” He’s practically dancing with excitement at the thought of all U.S. investors getting a chance to frolic with CRO through this ETF with Canary Capital! 💃

Meanwhile, this filing adds another feather to the cap of partnerships between Canary Capital and Crypto.com. Just recently, on May 19, they announced a partnership to create the Canary CRO Trust, a private vehicle for accredited U.S. investors to dip their toes into the CRO waters. If this new ETF gets the green light, it will be the very first staked Cronos ETF in the U.S.! And guess what? Canary Capital is also cooking up other staking-based crypto funds, like ETFs for TRON (TRX) and Sei Network (SEI). What a busy little bee! 🐝

However, the SEC, in a rather serious tone, reminded everyone on May 29 that most staking activities on proof-of-stake blockchains don’t fall under the watchful eye of securities laws. They explained that staking rewards are merely a thank-you for providing network services, not some magical return from investment contracts. Oh, how very sensible! 🙄

2025-05-30 18:49

Read More