Canary Capital Files S-1 for the First-Ever Axelar (AXL) ETF!

Jakarta, Pintu News – The crypto world is gaining momentum again with the recent news that Canary Capital has filed an S-1 form with the US Securities and Exchange Commission (SEC) for an ETF based on the Axelar (AXL) token.

This news immediately triggered a 15% increase in AXL’s price on March 6, 2025, with the price stabilizing at around $0.44.

Canary Capital’s Axelar ETF Initiative: A Game-Changer for the Market?

American-based investment management firm Canary Capital has officially filed S-1 documents with the SEC for an ETF that will track the price of the Axelar (AXL) token. This move marks the first attempt to introduce AXL to the institutional investment market.

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Canary Capital already has experience in filing ETFs for other cryptos such as Solana SOL0.61%->Current SOL PriceRp 2.212.5160.61%Market CapRp 1.672 TriliunTrading VolumeRp 135,64 TriliunCirculating SupplyRp 479.179.305, Ripple XRP2.40%->Current XRP PriceRp 39.3862.40%Market CapRp 2.308 TriliunTrading VolumeRp 262,59 TriliunCirculating SupplyRp 57,18 Miliar, and Litecoin LTC1.60%->Current LTC PriceRp 1.522.0101.60%Market CapRp 149,4 TriliunTrading VolumeRp 32,25 TriliunCirculating SupplyRp 75.318.539. This filing follows the launch of the Canary AXL Trust on February 19, as their first attempt at providing an AXL-focused structured product.

Steven McClurg, CEO of Canary Capital, stated that with Axelar’s development in blockchain interoperability solutions, AXL offers a great opportunity for institutional investors to get involved in the technology that supports connectivity between next-generation blockchains.

“With Axelar driving some of the most advanced interoperability solutions in Web3, we see in AXL a significant opportunity for institutional investors to gain exposure to the underlying technology of next generation blockchain connectivity,” said Canary Capital CEO, Steven McClurg.

How Axelar ETF Could Reshape the Market and Drive Expansion

According to BeInCrypto (6/3/25), the announcement of the ETF filing had an immediate effect on the market, with the price of AXL jumping 14.3% to $0.44 and trading volume increasing dramatically to $35.7 million on March 6, 2025, up 131.8% from the previous day.

Axelar, which supports AXL, is a protocol that enables communication between blockchains and has collaborated with major entities such as J.P. Morgan, Microsoft, Uniswap, and MetaMask.

In addition, Axelar has also secured backing from major institutional investors such as Binance, Coinbase, Dragonfly, Galaxy, and Polychain. As of November 2024, Axelar recorded a total locked value (TVL) of over $1 billion, strengthening its position in the crypto ecosystem.

Recently, they also added Brian Brooks to their institutional advisory board, who previously served as Chief Legal Officer at Coinbase and Acting Comptroller of the Currency in the US.

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The Rise of Crypto-Based ETFs: Key Trends and What’s Next

Canary Capital’s filing of the Axelar ETF is part of a larger trend in the rise of ETF filings based on altcoins. Since the approval of ETFs for Bitcoin BTC0.11%->Current BTC PriceRp 1.379.796.9380.11%Market CapRp 33.034 TriliunTrading VolumeRp 1.590 TriliunCirculating SupplyRp 19.797.675 and Ethereum ETH0.81%->Current ETH PriceRp 31.778.2360.81%Market CapRp 7.444 TriliunTrading VolumeRp 594,65 TriliunCirculating SupplyRp 120.452.072, there has been an increase in blockchain-related ETF filings.

Recently, Bitwise Asset Management also filed S-1 documents with the SEC for an Aptos ETF, which led to a 15% surge in Aptos’ price to $6 (6/3/25). However, according to Kaiko Research, there are still challenges such as market depth, concentration, and trading structure that are major obstacles for altcoin-focused ETFs.

Many altcoins involved in ETF applications have limited liquidity, which makes them more vulnerable to price manipulation and volatility.

Overall, with the increase in crypto-focused ETF filings, the market is likely to experience significant changes in the way institutions and individual investors interact with digital assets.

While there are still hurdles to overcome, this move by Canary Capital could be a pivotal point in the institutional adoption of AXL and other cryptos.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BeInCrypto. Canary Capital Files for Axelar ETF. Accessed on March 7, 2025
• Coingape. Canary Capital Sparks AXL Price Surge with Axelar ETF Filing. Accessed on March 7, 2025