Justin Sun cheers as Canary's staked TRX ETF heads for Cboe debut

The Canary Staked TRX ETF is expected to begin trading on Cboe’s BZX exchange on Wednesday under the ticker TRXS. Tron founder Justin Sun spent Tuesday posting about the listing on X.

The listing opens a regulated route for U.S. brokerage investors to hold Tron’s TRX token.

Where did the TRX token get listed?

Justin Sun, who founded Tron and serves as its CEO, published several messages on September 8 announcing that Cboe BZX will allow the trading of TRX ETF starting Wednesday under the ticker TRXS.

The listing date was first reported a day earlier by Bloomberg Intelligence ETF analyst Henry Jim, who pointed out a pre-effective prospectus amendment Canary Capital filed on August 19.

Canary first filed for a staked TRX product in April 2025, and the SEC acknowledged the related Cboe BZX listing-rule filing in May 2025. However, the acknowledgment of a 19b-4 notice is only one step in the process. It is separate from an effectiveness order for the registration statement, which is required before the fund can fully operate.

The August 19 filing says TRXS is a commodity-based exchange-traded product, not a share in any company. Its main job is to track the price of the TRX it holds and to try and earn extra TRX through staking.

Normally, the sponsor plans to stake at least 90% of the trust’s TRX, but staking fees are capped at 20% of the rewards, so the trust keeps the other 80%. Investors pay an annual sponsor fee of 1.10% of their TRX holdings. This fee is calculated daily and paid monthly, either in TRX or cash. Canary has also agreed to cover everyday operating costs up to $200,000 per year.

BitGo Bank & Trust holds the TRX tokens while U.S. Bank handles the cash, and U.S. Bancorp Fund Services takes care of administration and transfers. Shares are created and redeemed in groups of 10,000, and they can be settled in either cash or TRX.

An affiliate of the sponsor has said it will buy 10,000 seed shares at $25 each to help launch the fund.

Is TRXS the same as Tron Inc. stock?

TRXS should not be confused with Tron Inc., as that is a separate U.S. operating company that trades on the NASDAQ under the ticker TRON. That firm was previously SRM Entertainment and switched its NASDAQ ticker on July 17, 2025, after adopting a TRX treasury strategy. The company has reported treasury holdings above 712 million TRX.

Alongside the ETF posts, Sun also announced that Tron Inc. had been added to the Russell 2000, Russell 2500 and Russell 3000 indexes, which he framed as a boost to institutional access.

Buying the trust would not hand an investor any stake in Tron Inc., the Tron DAO, or the protocol itself. Equity prices and token prices can drift apart, and so can ETF prices, because of creation and redemption frictions, fees, staking liquidity, and any premium or discount to net asset value.

The token itself has barely moved on the news. Despite the positive news, TRX was trading near $0.3379 on Tuesday, up about 0.4%, with a market cap around $32 billion that ranks it eighth by CoinMarketCap’s count.

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