Cronos defied a sector-broad downtick on Friday after the crypto asset manager Canary Capital filed for a CRO-primarily based mostly exchange-traded fund (ETF).
CRO is the native asset of the Cronos layer-1 blockchain, which used to be developed by the exchange Crypto.com.
Canary filed an S-1 Manufacture with the U.S. Securities and Trade Commission (SEC), proposing an ETF that could well well provide traders exposure to CRO. If approved, the product would additionally stake a part of its CRO holdings to impress rewards.
The novel S-1 observation represents the most contemporary in a spree of contemporary ETF filings for Canary, which is additionally attempting to start Solana (SOL), XRP, Sui (SUI), Litecoin (LTC), Axelar (AXL), Hedera (HBAR) and Plump Penguins (PENGU) funds.
The SEC greenlit the first residing market Bitcoin (BTC) ETFs in January 2024, bringing in billions of bucks price of inflows to the highest digital asset by market cap. The regulator resulting from this truth approved Ethereum (ETH) ETFs for trading closing July. Two financial companies, Franklin Templeton and Hashdex, additionally launched joint BTC-ETH ETFs earlier this year.
CRO is trading at $0.102 at time of writing and is up greater than 8% in the previous 24 hours. By comparability, the general crypto market cap slumped by greater than 4% over the identical duration.
Generated Characterize: Midjourney
