- Canary Capital filed for an Axelar ETF as demand for altcoin ETFs increases.
- Axelar has strong institutional backing and surpassed $1 billion in total value locked.
- The number of crypto ETF applications is rising as investors seek regulated options.
Canary Capital has filed an S-1 registration with the U.S. Securities and Exchange Commission. The firm plans to launch an exchange-traded fund tracking Axelar’s AXL token. This marks the first proposal for an Axelar-based ETF.
Growing Focus on Altcoin ETFs
Canary Capital has submitted several altcoin ETF filings in recent months. The company has filed applications for ETFs involving Solana, XRP and Litecoin. A Litecoin ETF from the firm obtained listing on Depository Trust and Clearing Corporation’s platform under the ticker symbol LTCC.
This listing has increased speculation about a possible approval. Bloomberg analysts estimate a 90% chance of a spot Litecoin ETF approval in 2025.
Axelar’s Expanding Institutional Presence
The Axelar protocol functions as a cross-chain platform to improve how various blockchains communicate with each other. The protocol enables transactions between various networks such as Ethereum and Optimism. The platform has successfully integrated with prominent companies including J.P. Morgan and MetaMask.
Institutional support for Axelar continues to rise. Major investors including Binance, Coinbase, Dragonfly, Galaxy, and Polychain support the platform. Axelar achieved a total value locked (TVL) of over $1 billion in November 2024. The achievement has helped Axelar secure its standings as a leading player in the cryptocurrency industry.
Strategic Growth and Leadership Moves
Axelar has focused on expanding its institutional reach. The company selected Brian Brooks to join its Institutional Advisory Board. His regulatory experience matches Axelar’s institutional adoption strategy.
Altcoin ETF Filings Continue to Increase
The Axelar ETF filing reflects a broader trend in altcoin ETF submissions. Since the approval of Bitcoin and Ethereum ETFs, blockchain-related ETF filings have risen. Bitwise recently submitted an application for an Aptos-based ETF.
The number of ETF applications has grown significantly. Market interest in diversified crypto investment options continues to expand. Canary Capital’s latest filing adds to the increasing demand for regulated crypto investment products.
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