Cronos Defies Crypto Market Downtick on Friday As Asset Manager Canary Capital Files for CRO ETF

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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 trade Crypto.com.

Canary filed an S-1 Type with the U.S. Securities and Change Fee (SEC), proposing an ETF that might provide buyers publicity to CRO. If authorized, 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 latest ETF filings for Canary, which can be making an attempt 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 authorized 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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