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    Home»Crypto News»Canary Capital Seeks SEC Nod for First Axelar ETF, AXL Value Soars 14%
    Canary Capital Seeks SEC Nod for First Axelar ETF, AXL Value Soars 14%
    Crypto News

    Canary Capital Seeks SEC Nod for First Axelar ETF, AXL Value Soars 14%

    By Crypto EditorMarch 6, 2025No Comments3 Mins Read
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    Asset Supervisor Canary Capital has filed an S-1 registration assertion with the US Securities and Alternate Fee (SEC) to launch an exchange-traded fund (ETF) tied to Axelar (AXL).

    This marks the first-ever submitting for AXL, the native cryptocurrency that powers the Axelar Community, setting the stage for the token’s institutional adoption.

    Canary Capital Information for AXL ETF

    The submitting, which was submitted on March 5, outlines that the fund’s internet asset worth (NAV) might be calculated based mostly on the value of AXL. Nonetheless, specifics concerning the change the place the ETF might be listed, its ticker image, and the custodian stay unspecified.

    The proposed ETF builds on Canary Capital’s earlier efforts to convey Axelar to institutional buyers. On February 19, the agency launched the Canary AXL Belief. The belief was Canary Capital’s first step into structured AXL choices, and the ETF submitting represents an extension of this effort.

    “With Axelar driving among the most superior interoperability options in Web3, we see in AXL a big alternative for institutional buyers to realize publicity to the know-how underpinning next-generation blockchain connectivity,” Canary Capital’s CEO Steven McClurg mentioned.

    The information of the submitting had a direct influence available on the market. AXL’s value jumped 14.3%, reaching $0.44.

    Canary Capital Seeks SEC Nod for First Axelar ETF, AXL Value Soars 14%
    AXL Value Efficiency. Supply: BeInCrypto

    Buying and selling quantity additionally spiked to $35.7 million. This marked a 131.8% enhance from the day gone by. With a market capitalization of $405.5 million, Axelar at present ranks 174 on CoinGecko.

    Crypto ETFs Beneath Donald Trump: Alternative or Bubble? 

    Canary Capital’s submitting comes amid a broader surge in cryptocurrency ETF purposes within the US, a pattern that has accelerated since Donald Trump took workplace. Based on Kaiko Analysis, greater than 45 crypto ETF filings are at present pending SEC approval. 

    Whereas Bitcoin (BTC) and Ethereum (ETH) ETFs have dominated the house, the scope has expanded to incorporate unconventional belongings like meme cash. Bitwise and Grayscale have filed for a Dogecoin (DOGE) ETF. 

    Furthermore, the ETF filings from Rex Shares and Tuttle Capital characteristic newly launched meme cash like Official Trump (TRUMP) and Melania Meme (MELANIA).

    Nonetheless, in accordance with Kaiko Analysis, market depth, focus, and buying and selling construction current important obstacles for non-BTC/ETH ETFs. Many altcoins related to ETF purposes endure from shallow liquidity, making them extra vulnerable to cost manipulation and volatility. 

    Moreover, most buying and selling exercise for these belongings happens on offshore platforms, creating transparency and regulatory oversight points. The shortage of enough USD buying and selling pairs for sure belongings additional complicates their inclusion in ETFs, as these pairs are important for correct ETF valuations. Moreover, the absence of regulated futures markets for a lot of cryptocurrencies limits accessible buying and selling methods.

    “All of those elements may restrict the demand for extra crypto-related ETFs going ahead. Whereas approval processes would possibly change, market dynamics nonetheless must catch up,” Kaiko famous.

    For now, AXL has been added to a rising checklist of crypto ETF filings. Nonetheless, its success—and that of comparable ETFs—stays to be seen.

    Disclaimer

    In adherence to the Belief Undertaking tips, BeInCrypto is dedicated to unbiased, clear reporting. This information article goals to supply correct, well timed info. Nonetheless, readers are suggested to confirm details independently and seek the advice of with knowledgeable earlier than making any choices based mostly on this content material. Please observe that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.



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