Cronos defied a sector-wide downtick on Friday after the crypto asset supervisor Canary Capital filed for a CRO-based exchange-traded fund (ETF).
CRO is the native asset of the Cronos layer-1 blockchain, which was developed by the alternate Crypto.com.
Canary filed an S-1 Form with the U.S. Securities and Alternate Fee (SEC), proposing an ETF that might supply traders publicity to CRO. If authorised, the product would additionally stake a portion of its CRO holdings to earn rewards.
The brand new S-1 assertion represents the newest in a spree of current ETF filings for Canary, which can be trying to launch Solana (SOL), XRP, Sui (SUI), Litecoin (LTC), Axelar (AXL), Hedera (HBAR) and Pudgy Penguins (PENGU) funds.
The SEC greenlit the primary spot market Bitcoin (BTC) ETFs in January 2024, bringing in billions of {dollars} value of inflows to the highest digital asset by market cap. The regulator subsequently approved Ethereum (ETH) ETFs for buying and selling final July. Two monetary corporations, Franklin Templeton and Hashdex, additionally launched joint BTC-ETH ETFs earlier this yr.
CRO is buying and selling at $0.102 at time of writing and is up greater than 8% prior to now 24 hours. By comparability, the general crypto market cap slumped by greater than 4% over the identical interval.
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