Canary Capital Files to Launch First U.S. Cronos (CRO) ETF Amid Altcoin ETF Surge

Crypto asset manager Canary Capital has filed a registration with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking Cronos (CRO), the native token of the Crypto.com blockchain.

The proposed Canary Stake CRO ETF aims to give U.S. investors regulated exposure to Cronos. The filing, submitted on May 31 via an S-1 registration form, follows the firm’s recent formation of a Delaware Trust entity to support the fund.

CRO is currently the 44th-largest cryptocurrency by market capitalization, according to CoinGecko. As of this week, it was trading around $0.10, up 5.5% in 24 hours.

Part of a Growing Altcoin ETF Wave

The application comes amid a broader trend of ETF filings centered around altcoins. Recent proposals have included ETFs for Solana (SOL), Dogecoin (DOGE), XRP, Bonk (BONK), and Pudgy Penguins (PENGU)—a meme-themed token associated with a popular NFT collection.

Many of these filings follow the strong performance of spot Bitcoin ETFs, particularly BlackRock’s iShares Bitcoin Trust ETF, which recorded $6.22 billion in May inflows, a monthly record for a crypto ETF.

Ties to Trump Media and Crypto.com

The Cronos ETF filing may also tie into earlier developments between Crypto.com and Trump Media & Technology Group, the parent company of Truth Social. In March 2025, the two firms discussed forming ETFs that span crypto, Bitcoin, and even traditional equities, including sectors like energy.

That collaboration included talk of reviving billions of previously burned CRO tokens to help fund the initiative. While still non-binding, the move signaled interest in aligning political and crypto-related products under the ETF model.

Regulatory Outlook

The SEC has yet to approve any altcoin-based ETFs. It has extended decision deadlines for proposed funds tied to SOL, DOGE, and XRP, citing the need for additional review. Market watchers expect the regulator to issue clearer guidance in the second half of 2025.

The Canary filing marks a continued push to diversify crypto exposure through regulated products. If approved, the CRO ETF could become one of the first offerings focused solely on an exchange-affiliated token, opening a new category in the digital asset ETF market.