Canary Capital Files For American-Made Crypto ETF

Canary Capital has filed for a new exchange-traded fund (ETF) that will focus only on U.S.-based digital assets with the U.S. Securities and Exchange Commission (SEC). This fund, called the Canary American-Made Crypto ETF, aims to give investors access to a carefully selected group of cryptocurrencies that are connected to the United States.

Canary Capital New Fund Focuses on U.S. Digital Assets

According to the filing, the proposed spot crypto ETF would only hold digital assets that meet specific U.S. rules. This includes cryptocurrencies created in the United States, tokens mainly produced on U.S.-based networks, and blockchain projects that have most of their operations located in the United States.

Furthermore, the ETF tracks the Made-in-America Blockchain Index, which showcases blockchain projects from the U.S. The index includes various projects that focus on transparency, regulatory compliance, and meeting American technology standards and values.

Notably, the filing did not give details on the specific coins. However, if approved, this would be one of the first ETFs to focus on the location of assets and clear regulations as key investment factors. With increased regulatory attention on foreign digital assets, Canary’s initiative could lead to compliant investment options in blockchain.

Canary Capital And Its Crypto ETF Episodes

Last year, Canary Capital entered the race to launch a spot XRP ETF right after Bitwise. The firm spelled out its goal of creating an XRP ETF in its filing. Canary Capital affirmed that it aims to provide investors a seamless way to gain exposure to XRP without directly holding the cryptocurrency. 

This year, the NASDAQ Stock Market submitted a 19b-4 filing with the SEC on behalf of Canary Capital. The filing is for a spot Hedera (HBAR) ETF. Likewise, the global asset management firm filed the S-1 registration for the spot SUI ETF. Canary Capital, among many others, also filed with regulators to launch an ETF based on the Tron network’s token, TRX.

Canary Capital Snubs Dogecoin ETF

It is worth noting that despite Canary Capital’s numerous filings, it affirmed it has no interest in joining the bandwagon for the Dogecoin ETF. According to reports, Steven McClurg, the firm’s CEO, says the lack of interest in an ETF product for the dog-themed memecoin follows consideration of certain factors.

McClurg emphasized the lack of utility for Dogecoin in the broader cryptocurrency space. Besides utility, he also highlighted the memecoin’s unlimited supply. These two factors are enough to discourage Canary Capital from considering launching an ETF.