- Canary Capital, led by ex-Valkyrie co-founder Steven McClurg, has filed for an Axelar ETF with the SEC.
- AXL token surged 20% after the Axelar ETF filing, with trading volume up 180%.
- Former Coinbase legal chief Brian Brooks joins Axelar’s Institutional Advisory Board, boosting institutional interest.
Canary Capital, led by former Valkyrie Funds co-founder Steven McClurg has filed with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking Axelar’s AXL token. This move comes as interest in altcoin-based ETFs continues to rise.
The investment firm submitted its S-1 registration on 5th March, officially starting the process of launching the “Canary AXL ETF.” Shortly after the news broke on social media, AXL’s price spiked over 22% from $0.3786 to an intraday high of $0.4634. Currently Axelar settling around $0.44, 15% up with a market cap of $411.93 million, according to CoinMarketCap. Additionally, AXL’s daily trading volume skyrocketed by 180% to $40.23 million.
Axelar’s Growing Influence and Canary Capital’s Expanding Crypto ETF Push
Axelar is a Cosmos-based cross-chain protocol that connects different blockchain networks, enabling seamless and secure transactions. It has already been integrated by major players like J.P. Morgan, Microsoft, Uniswap, and MetaMask. With over $1 billion in total value locked as of last November, the platform has backing from Binance, Coinbase, Dragonfly, Galaxy, and Polychain.
Adding to its momentum, Axelar recently appointed former Coinbase Chief Legal Officer and ex-Acting Comptroller of the Currency Brian Brooks to its Institutional Advisory Board. This move signals growing institutional interest in the protocol.
Canary Capital has been actively filing for multiple altcoin ETFs, including Solana, XRP, HBAR and Litecoin. Its Litecoin ETF was recently listed on the DTCC platform under the ticker LTCC, fueling speculation about potential approval. Analysts at Bloomberg predict a 90% chance of a spot Litecoin ETF getting approved in 2025.
With the growing demand for crypto ETFs, Canary Capital’s Axelar filing marks another step toward expanding blockchain-based investment options.
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