Crypto.com, in collaboration with asset manager Canary Capital, has introduced the Canary CRO Trust, the first U.S.-regulated investment fund offering exposure to the Cronos blockchain’s native token, CRO. This initiative aims to provide accredited investors with a regulated avenue to invest in CRO, aligning with Crypto.com’s strategy to mainstream cryptocurrency adoption.
The Canary CRO Trust is structured as a regulated fund, distinct from an exchange-traded fund (ETF), and is exclusively available to accredited investors. This development follows Crypto.com’s partnership with Trump Media & Technology Group in March to launch a series of Trump-branded ETFs, including one holding CRO. However, these ETFs are still pending approval from the U.S. Securities and Exchange Commission (SEC).
Cronos is a layer-1 blockchain network affiliated with Crypto.com, designed to integrate with the Ethereum and Cosmos ecosystems. It supports decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and other Web3 applications. As of May 19, the Cronos chain has a total value locked (TVL) of nearly $440 million, with its most popular application being VVS Finance, a DeFi platform for token swaps and yield farming. The CRO token has a market capitalization of approximately $880 million.
The launch of the Canary CRO Trust comes amid a surge in crypto ETF filings, with asset managers seeking to list around 70 new crypto ETFs following a more crypto-friendly regulatory approach signaled by the current U.S. administration. In May, asset manager VanEck filed to list an ETF tied to BNB Chain’s native BNB token, while 21Shares launched an exchange-traded product (ETP) in Europe offering exposure to Crypto.com’s CRO token.
This strategic move by Crypto.com and Canary Capital reflects the growing institutional interest in regulated crypto investment products and the ongoing efforts to integrate cryptocurrencies into mainstream financial markets.
