Key Highlights
- Canary Capital filed for a crypto ETF tracking 8 U.S.-based coins on the CoinDesk Made-In-America Index.
- The ETF excludes memecoins and stablecoins and will be held in cold storage, with staking rewards added.
- This follows the firm’s earlier filing for an ETF tracking the broader Made-in-America Blockchain Index.
Crypto fund manager Canary Capital has filed with the U.S. Securities and Exchange Commission (SEC) to launch the Canary American-Made Crypto ETF.
According to the S-1 filing, the fund plans to track the CoinDesk Made-In-America Index, which includes 8 U.S.-based cryptos, including Bitcoin, AVAX, Chainlink, HBAR, Bitcoin, Solana, XLM, and XRP. The ETF would include digital coins and tokens that meet strict criteria set by an oversight committee.
The CoinDesk index includes cryptocurrencies that meet specific standards, such as having enough trading activity, being eligible for custody by a regulated U.S. bank or trust, and being available on multiple trading platforms.
One of the confirmed assets is Bitcoin, along with other digital coins, including Litecoin, Monero, Zcash, and so on, made or mostly operated in the U.S. The ETF will invest directly in these assets without using leverage or derivatives.
Custody will be managed by CSC Trust Company, a Delaware trust firm, with most assets held in cold storage. Proof-of-stake holdings will be staked through third-party providers to add rewards to the net asset value.
Filling to track Made-in-America blockchain index
This filing comes months after Canary Capital submitted a similar ETF application tracking the Made-in-America Blockchain Index, which had broader criteria.
The oversight committee ensures each asset meets the required standards for liquidity, custody, and trading availability. This means investors will know exactly which coins they are investing in, rather than relying on a broader selection of projects. Proof-of-stake assets will also be staked through third-party providers to earn additional rewards, which will increase the fund’s net asset value over time.
ETF applications in several tokens
Canary Capital has filed multiple crypto ETFs this year. The firm has also applied for Litecoin, Tron, Solana, SUI, XRP, and a Trumpcoin ETF launched earlier.
This surge comes as a result of an increase in interest from investors after Bitcoin and Ethereum ETFs got approved last year. Since then, spot Bitcoin ETFs have seen $55.7 billion in inflows, while Ethereum ETFs have gathered $12.4 billion.
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