The global cryptocurrency fund industry continues to show strong growth. Several significant events have taken place in recent days: Galaxy Digital is increasing Ethereum movements to exchanges, HashKey Capital has launched the first XRP-ETF in Asia, and Canary Capital has submitted an application to create a TRX-ETF. These developments highlight the rapid expansion of investment infrastructure in the crypto sector and the growing interest of institutional players in emerging digital assets.
Galaxy Digital Ramps Up: 62,000 ETH in Six Days
Investment firm Galaxy Digital, owned by Mike Novogratz, remains active in Ethereum operations. Over the past six days, it has transferred 62,181 ETH to cryptocurrency exchanges, with the latest large transaction — 12,500 ETH (approximately $20 million) — sent to Binance.
Such actions can be interpreted in different ways. On one hand, it may be preparation for partial asset liquidation amid falling Ethereum network fees and general market uncertainty. On the other, these movements could be part of internal rebalancing strategies or liquidity provisioning.
Analysts closely watch the actions of major players like Galaxy, as their behavior often precedes broader market moves.
HashKey Capital Launches First XRP-ETF in Asia
Crypto investment firm HashKey Capital has announced the launch of HashKey XRP Tracker, the first exchange-traded fund in Asia tied to the value of XRP. This is a significant step not only for the token itself but also for the entire regional crypto market.
The fund targets professional investors interested in XRP who wish to avoid the complexities of direct custody and management of crypto assets. Notably, Ripple, the issuer of XRP, is among the fund’s initial backers.
According to HashKey representatives, XRP stands out from other tokens due to its integration into real-world financial systems and popularity among multinational corporations. The new ETF offers easier and safer access to the asset and may encourage greater institutional demand for XRP.
HashKey XRP Tracker is the third product in the company’s crypto-ETF lineup — previous launches included Bitcoin and Ethereum funds.
TRX-ETF from Canary Capital: Application Submitted to the SEC
Amid growing interest in altcoins, another investment initiative has come from Canary Capital, which has submitted an application to the U.S. Securities and Exchange Commission (SEC) to create the Canary Staked TRX ETF, an exchange-traded fund tracking the price of TRX (the native token of the TRON network).
If approved, the fund would be one of the first TRX-based ETFs to include staking capabilities. According to available information, part of the assets will be managed by third-party providers, with BitGo serving as the fund’s custodian. TRX’s reference price will be calculated using data from CoinDesk Indices.
The fund’s ticker and management structure remain undisclosed, but the initiative is already attracting interest, especially given prior attempts to include staking in ETFs — a feature often removed due to regulatory concerns.
Current SEC Chairman Paul Atkins has expressed hope that staking mechanisms will return in future applications, including the Ethereum Trust ETF by Grayscale, for which a decision was recently postponed.
Institutional Shift Toward Altcoins
New initiatives from HashKey and Canary show that institutional players are increasingly turning their attention to altcoins beyond the traditional BTC and ETH. The launch of an XRP-ETF in Asia and the TRX initiative in the U.S. are signs of market maturity and growing trust in “second-tier” digital assets.
In the coming months, we can expect more ETF applications covering additional cryptocurrencies and related financial instruments. This not only broadens investor opportunities but also reinforces the legitimacy of the crypto industry in the eyes of traditional financial institutions.
