"Canary Capital Launches ETF Tracking Axelar's AXL Token"

Coin WorldWednesday, Mar 5, 2025 5:23 pm ET

1min read

Canary Capital, a digital asset-focused investment firm founded by former valkyrie funds co-founder Steven McClurg, has filed with the Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking the price of Axelar (AXL). The firm submitted an S-1 filing on Wednesday, initiating the process to launch such a fund.

The proposed ETF, if approved, would provide investors with exposure to the AXL token, which is the native token of the Axelar Network. Axelar is a cross-chain protocol that connects other blockchains, enabling decentralized, secure cross-chain transactions. Unlike many interoperability solutions that rely on a small set of validators, Axelar operates on a proof-of-stake consensus model, allowing anyone to participate in its network.

Steven McClurg, Chief Executive Officer at Canary Capital, expressed his confidence in Axelar's potential, stating, "Axelar has one of the best dev teams in blockchain. Most viable protocols work with them on chain interoperability. There is no question that AXL will be a top 20 token by market capitalization as the market discovers them. This is why we took the risk."

The Axelar Network has previously been integrated by prominent institutions such as J.P. Morgan’s Kinexys platform, Microsoft’s Azure marketplace, Uniswap, and MetaMask. In addition, the protocol has appointed former coinbase chief legal officer and Acting Comptroller of the Currency Brian Brooks to its newly formed Institutional Advisory Board.

Sergey Gorbunov, co-founder of Axelar, believes that stablecoins and tokenization are poised to be the next major trends for institutions in crypto, driven by regulatory developments and efficiency gains. A stablecoin bill expected in the coming months could open the door for more financial institutions to issue and integrate stablecoins, with firms like PayPal, BlackRock, and Robinhood already exploring their use for settlement to reduce costs.

AXL currently trades at $0.36 and stands at a market cap of $340 million. The token reached an all-time high in March 2024 at $2.69 but has since dropped.

The launch of the Canary Capital ETF tracking Axelar's AXL token highlights the growing interest in cross-chain interoperability and the potential of Axelar's protocol in

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