Altcoin #ETF Wars Begin: TRX Joins the Race – But Who Will Win the First Spot?
Ever since the SEC gave the green light to spot Bitcoin and Ethereum ETFs, a new battle has quietly taken shape—one that's now evolving into a full-blown altcoin ETF arms race.
The latest contender? Tron ($TRX ), which just became the 13th project to throw its hat into the ETF ring. And it's not alone. Since Ethereum’s spot ETF was approved in May 2024, we've seen 9 major altcoins (including SOL, XRP, ADA, LTC, AVAX, APT, SUI, MOVE, and now TRX) and 4 memecoins (DOGE, TRUMP, BONK, PENGU) file their own ETF applications.
But applying isn’t as easy as it seems.
First, not just anyone can file for a spot ETF. Only regulated asset managers can submit, and they have to go through an exchange to file what's called a 19b-4 form. The process doesn’t stop there—a detailed S-1 filing follows, and the paperwork alone can cost around $100,000 to put together.
The full approval journey? A long one. The SEC has up to 240 days to review and respond, but back-and-forths with regulators often stretch the timeline. For example:
BlackRock filed for the BTC spot ETF in June 2023; it was approved in January 2024.
VanEck filed for Ethereum in September 2023 and received approval in May 2024.
So who’s behind the TRX filing? That would be Canary Capital, a relatively new U.S. crypto investment firm founded in September 2024. Interestingly, its CEO also co-founded Valkyrie Funds—and Justin Sun is reportedly one of its investors. Canary isn’t just backing TRX either; they’ve also supported ETF applications for XRP, LTC, SUI, and even memecoin PENGU.
What’s clear is this: ETF approvals aren’t just about the tech—they’re about relationships, influence, and timing. SOL, XRP, ADA, and SUI all have strong American ties, while TRX, AVAX, APT, and MOVE belong to the growing WLFI Portfolio—a powerful collective shaping the ETF landscape from behind the scenes.
Now, with $TRX entering the arena, the race is officially on. The next ETF approval won’t just mark a win.
Ever since the SEC gave the green light to spot Bitcoin and Ethereum ETFs, a new battle has quietly taken shape—one that's now evolving into a full-blown altcoin ETF arms race.
The latest contender? Tron ($TRX ), which just became the 13th project to throw its hat into the ETF ring. And it's not alone. Since Ethereum’s spot ETF was approved in May 2024, we've seen 9 major altcoins (including SOL, XRP, ADA, LTC, AVAX, APT, SUI, MOVE, and now TRX) and 4 memecoins (DOGE, TRUMP, BONK, PENGU) file their own ETF applications.
But applying isn’t as easy as it seems.
First, not just anyone can file for a spot ETF. Only regulated asset managers can submit, and they have to go through an exchange to file what's called a 19b-4 form. The process doesn’t stop there—a detailed S-1 filing follows, and the paperwork alone can cost around $100,000 to put together.
The full approval journey? A long one. The SEC has up to 240 days to review and respond, but back-and-forths with regulators often stretch the timeline. For example:
BlackRock filed for the BTC spot ETF in June 2023; it was approved in January 2024.
VanEck filed for Ethereum in September 2023 and received approval in May 2024.
So who’s behind the TRX filing? That would be Canary Capital, a relatively new U.S. crypto investment firm founded in September 2024. Interestingly, its CEO also co-founded Valkyrie Funds—and Justin Sun is reportedly one of its investors. Canary isn’t just backing TRX either; they’ve also supported ETF applications for XRP, LTC, SUI, and even memecoin PENGU.
What’s clear is this: ETF approvals aren’t just about the tech—they’re about relationships, influence, and timing. SOL, XRP, ADA, and SUI all have strong American ties, while TRX, AVAX, APT, and MOVE belong to the growing WLFI Portfolio—a powerful collective shaping the ETF landscape from behind the scenes.
Now, with $TRX entering the arena, the race is officially on. The next ETF approval won’t just mark a win.
