XRP News Today: Canary Files U.S.-Focused Crypto ETF Backed by XRP, SOL, ADA

Canary Capital has filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) to launch the Canary American-Made Crypto ETF, a spot fund that will focus on cryptocurrencies with strong U.S. ties, including XRP, Solana (SOL), and Cardano (ADA) [1]. The firm’s filing outlines a unique strategy: the fund will invest in crypto assets that are either developed in the U.S., predominantly mined in the U.S., or have the majority of their protocol operations based in the country [2].

According to the SEC filing, the ETF will track the Made-in-America Blockchain Index, which is designed to reflect the performance of U.S.-linked cryptocurrencies. The fund is expected to be listed on the Cboe BZX Exchange, with the exchange likely filing a 19b-4 to facilitate the listing and trading process [3]. The trust, managed by CSC Delaware Trust Company as the trustee, may also seek to generate staking rewards by validating transactions on the respective blockchain networks [4].

Canary Capital, which has been active in the crypto ETF space, already has several other ETF applications pending with the SEC, including those for XRP, Litecoin, Hedera, PENGU, and Injective. The firm has also registered a Trump Coin ETF in Delaware, suggesting a broader strategy to diversify its crypto offerings [5].

The filing has drawn attention from market experts. Bloomberg analyst Eric Balchunas noted that the ETF will hold only coins that meet the specific U.S.-centric criteria outlined by Canary. He highlighted that the move reflects the growing trend of ETF providers exploring every possible combination of crypto assets to capture investor interest [6]. Balchunas also questioned whether Bitcoin could qualify under the fund’s criteria, noting that while it may not have originated in the U.S., a large portion of its supply is mined domestically [7].

The American-Made Crypto ETF appears to be a strategic move by Canary Capital to differentiate itself in a rapidly evolving crypto ETF market. With several other providers pursuing similar strategies, the SEC’s response will be a key factor in determining the fund’s potential for approval and subsequent market success [8].

Source:

[1] Yahoo Finance (https://finance.yahoo.com/news/american-made-crypto-etf-knocks-175534576.html)

[2] The Defiant (https://thedefiant.io/news/cefi/canary-capital-files-american-made-crypto-etf-focused-on-u-s-coins-4f42eae1)

[3] CoinGape (https://coingape.com/canary-files-american-made-crypto-etf-could-hold-xrp-sol-and-ada/)

[4] MEXC (https://www.mexc.com/news/canary-capital-files-s-1-for-first-american-made-crypto-etf/73344)

[5] CoinCentral (https://coincentral.com/canary-submits-etf-filing-to-sec-with-focus-on-u-s-linked-crypto/)

[8] CoinCentral (https://coincentral.com/injective-etf-proposal-from-canary-triggers-sec-public-input-phase/)