Crypto.com and asset management firm Canary Capital are introducing the Canary CRO Trust, the first US-regulated investment fund designed to provide exposure to Cronos (CRO), the native token of the Cronos blockchain. This marks a significant milestone in bringing regulated crypto investment opportunities to accredited investors in the United States.
A Regulated Fund for CRO
The Canary CRO Trust will hold Cronos (CRO) tokens within a regulated fund structure, making it accessible exclusively to accredited investors. With Crypto.com and Canary Capital launching the fund, it is not an exchange-traded fund (ETF). Instead, it is a private trust designed to offer institutional-grade exposure to CRO.
“Providing more ways for traders to engage with cryptocurrencies is central to our vision of further mainstreaming crypto,” said Eric Anziani, president and chief operating officer of Crypto.com, in a statement.
This initiative aligns with the growing trend of integrating cryptocurrencies into traditional financial frameworks. It enables investors to access digital assets in a compliant manner. The launch highlights the collaboration between Crypto.com and Canary Capital to introduce new investment solutions.
Cronos Ecosystem Overview
Cronos is a layer-1 blockchain affiliated with Crypto.com and designed to integrate seamlessly with ecosystems like Ethereum and Cosmos. It supports decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and other Web3 use cases. With the innovative approach of Crypto.com and Canary Capital, the launch of the US CRO Fund is poised to attract more attention to the Cronos ecosystem.
As of May 20, Cronos has a total value locked (TVL) of nearly $450 million, according to DefiLlama. Its most popular application is VVS Finance, a DeFi platform for token swaps and yield farming. The CRO token itself boasts a market capitalization of approximately $880 million. This underscores its significance in the crypto space.
Broader Context of Altcoin ETF Filings
The launch of the Canary CRO Trust comes amid a surge in altcoin ETF filings. This surge is driven by a more crypto-friendly regulatory environment under the Trump administration. Since January, asset managers have sought to list nearly 70 new crypto ETFs. This includes VanEck’s recent filing for a fund tied to BNB, the native token of Binance’s BNB Chain.
In May, 21Shares also launched an exchange-traded product (ETP) in Europe, offering exposure to CRO. This highlights the growing global interest in regulated crypto investment vehicles. However, the SEC has yet to approve any CRO ETFs for trading in the US. This leaves funds like the Canary CRO Trust as one of the few regulated options available. Therefore, Crypto.com and Canary Capital launching the US CRO Fund, investors can explore a regulated path to cryptocurrency exposure.
