Solana News Today: Investors Get First U.S.-Made Crypto ETF, Backed by Homegrown Blockchain Powerhouses

Canary Capital has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch the Canary American-Made Crypto ETF, a first-of-its-kind product in the U.S. crypto market. The proposed exchange-traded fund (ETF) aims to track the Made-in-America Blockchain Index, a benchmark composed of digital assets with strong U.S. ties. These include cryptocurrencies developed in the United States, tokens predominantly mined or minted domestically, or networks with most of their operations based in the U.S. The fund is designed to offer investors a regulated and accessible way to gain exposure to American-based blockchain projects without the complexities of direct custody [1].

The ETF, if approved, will trade under the ticker symbol “MRCA” on the Cboe BZX Exchange. Unlike many existing crypto ETFs that follow international networks such as Bitcoin or Ethereum, the Canary American-Made Crypto ETF is focused solely on U.S.-created assets. This strategic move aligns with growing investor interest in domestic innovation, regulatory clarity, and operational transparency, especially under the current U.S. administration’s pro-tech policies [2]. The fund will hold spot positions in real cryptocurrencies rather than futures or synthetic instruments, ensuring investors can access these assets through traditional brokerage platforms without the need to manage private keys or digital wallets [3].

Among the tokens potentially included in the fund are Uniswap (UNI), Chainlink (LINK), and Solana (SOL), all of which are developed or heavily supported by U.S.-based teams. Uniswap, a decentralized exchange protocol, exemplifies American innovation in the decentralized finance (DeFi) space. Chainlink’s decentralized oracles provide critical infrastructure for smart contracts, underpinning a wide range of U.S. financial, insurance, and government applications. Solana, known for its high-speed transaction network, supports real-time processing and has become a backbone for several domestic DeFi, gaming, and payment platforms. These tokens align with the ETF’s objective of offering exposure to scalable, high-performance, and U.S.-centric blockchain technologies [3].

The proposed fund also aims to generate additional income through staking or transaction validation on the underlying blockchain networks. This feature differentiates it from traditional passive funds by potentially enhancing returns for investors through participation in network governance and consensus mechanisms. The staking approach could also support the broader adoption and utility of the underlying assets, as the fund’s operations contribute directly to the maintenance and security of the networks it invests in [1].

The filing has been described by Bloomberg ETF analyst Eric Balchunas as part of a broader trend where fund managers are exploring every possible angle to provide investors with exposure to the evolving crypto industry. He noted that such filings are part of an expected diversification of crypto ETF products, with the potential for more unique combinations in the future. This movement reflects the growing maturity of the market and the increasing acceptance of regulated products that bridge traditional finance with emerging technologies [2].

The application for the Canary American-Made Crypto ETF arrives amid a surge in crypto-related ETF filings. In a parallel development, Grayscale Investments has submitted a registration statement to convert its existing Avalanche Fund into a publicly traded trust. If approved, the fund will be listed on Nasdaq as the Grayscale Avalanche Trust ETF. This fund would allow investors to gain exposure to Avalanche’s AVAX token without requiring direct custody. The fund will be managed with Coinbase acting as custodian and prime broker [1]. Analysts anticipate that the SEC will issue decisions on several high-profile applications, including those for Solana and XRP, before the end of the year [1].

Source:

[1] New Canary Capital ETF Bets Big on Slice of $520 Billion American-Made Crypto (https://cryptoslate.com/new-canary-capital-etf-bets-big-on-slice-of-520-billion-american-made-crypto/)

[2] Canary Capital Files For American Made Crypto ETF Backed By US-Invented Coins (https://www.banklesstimes.com/articles/2025/08/25/canary-capital-files-for-american-made-crypto-etf-backed-by-us-invented-coins/)

[3] Canary Capital Files for American-Made Crypto ETF (https://coincentral.com/canary-capital-files-for-american-made-crypto-etf/)