Cryptocurrency prices took a hit on Friday, but Cronos (CRO) went against the grain. This surge follows a big move by asset manager Canary Capital.
Canary Capital’s CRO ETF Push
Canary Capital filed paperwork with the U.S. Securities and Exchange Commission (SEC) to launch a CRO exchange-traded fund (ETF). This ETF would give investors a way to bet on CRO, the native token of the Cronos blockchain (developed by Crypto.com). The fund would even stake some of its CRO holdings to earn extra rewards.
This isn’t Canary’s first rodeo. They’ve also filed to create ETFs for other cryptocurrencies like Solana (SOL), XRP, Sui (SUI), Litecoin (LTC), Axelar (AXL), Hedera (HBAR), and even Pudgy Penguins (PENGU).
A Wave of Crypto ETFs
The SEC’s approval of Bitcoin (BTC) ETFs earlier this year opened the floodgates, bringing in billions of dollars. Ethereum (ETH) ETFs followed shortly after. Other firms have also jumped on the bandwagon, with joint BTC-ETH ETFs launching earlier this year.
CRO’s Strong Performance
CRO is currently trading around $0.102, up over 8% in the last 24 hours. This is a stark contrast to the overall crypto market, which saw a drop of more than 4% during the same period.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Do your own research before investing in any cryptocurrency. Investing in crypto is risky, and you could lose money.
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