- Cryptocurrency entrepreneur Justin Sun ignites TRX ETF talks on X.
- OG altcoin Tron (TRX) banks 106% yearly profits, outshining XRP, ADA.
- Sun must clear legal hurdles for TRX ETF to launch in the U.S.
Tech mogul Justin Sun provoked the crypto community on X to discuss the chances of an incoming TRX ETF. Exchange-traded funds (ETFs) have been at the center of attention among digital currency enthusiasts ever since the U.S. Securities and Exchange Commission (SEC) approved the inaugural 11 Bitcoin ETFs on January 10, 2024.
Raising curiosity with a simple question of “TRX ETF?” Sun went on to assure his audience on X that he’s an avid user of the HTX exchange, debunking the previous claims to the contrary. Followed by messages of encouragement in both instances, Sun’s TRX ETF post inspired industry professionals to weigh in.
TRX ETF: Already Available In Europe?
VanEck’s Bitcoin ETF Advisor, Gabor Gurbacs, informed Sun’s followers that a TRX ETF is already available in Europe. However, the availability is currently limited to 14 countries, but “maybe someday there will be one in the U.S. too.”
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Gurbacs concluded that “it’s a free market,” and the same companies applying for a Bitcoin exchange-traded fund could also go for a Tron-based ETF. Apart from TRX, other popular altcoins like ETH, SHIB, and XRP are soaring in speculations regarding a possible ETF launch.
Meanwhile, Tron (TRX) somewhat picked up the market-wide bullish wave and gained 3% since last week. While the weekly gains are slimmer than Bitcoin’s 16% and Ethereum’s 14%, the 365-day upward trajectory brings TRX to a 106% profit. As a result, TRX is now just 38% away from reclaiming its all-time high (ATH), set at $0.2317 over six years ago.
On the Flipside
- The likelihood of an SEC-approved TRX ETF opening for trading in the United States is small because the U.S. Securities and Exchange Commission charged Tron’s founder, Sun, with fraud, market manipulation, and airdropping unregistered securities on March 22, 2023.
Why This Matters
Bitcoin Spot ETFs have been deemed a tremendous success as the leading digital asset approaches the $60,000 mark for the first time since November 2021.
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