Canary AXL Trust: the first investment fund for the interoperability blockchain Axelar

Canary Capital continues to want to offer institutional-level investment opportunities in crypto beyond Bitcoin and Ethereum.

Canary Capital has announced the launch of its Canary AXL Trust, an investment fund that provides secure exposure to Axelar's native token, AXL. This fund marks the first in the category of "blockchain interoperability."

Accredited and institutional investors can now utilize the Canary AXL Trust to gain exposure to Axelar's native token in a secure manner. This investment fund is specifically dedicated to the growing field of blockchain interoperability, with Axelar being a key player.

According to DefiLama at the time of writing, Axelar boasts a market cap of over $471 million and a TVL of over $195 million.

The launch of the Canary AXL Trust coincides with a period of strong growth for Axelar. In 2024 alone, Axelar saw a 71% increase in active users and a cumulative transaction volume of over $10 billion. Major institutional partners, including Apollo Global Management, Deutsche Bank, and J.P. Morgan, also support the platform.

In early 2025, the Axelar network became the eleventh-largest blockchain network by TVL, crossing the $1 billion mark for the first time. As a leading interoperability hub, Axelar is set to further expand, connecting other Web3 ecosystems like XRP Ledger, Hedera, Stellar, TON, Sui, Solana, and Bitcoin.

Continuing its efforts to provide institutional-level crypto investment opportunities beyond Bitcoin and Ethereum, Canary Capital now turns to Axelar Network, which has emerged as a critical player in Web3 interoperability, offering an internet of blockchains that seamlessly links the world's Web3 and financial infrastructure.

In this regard, Steven McClurg, Chief Executive Officer of Canary Capital, stated:

"With Axelar leading some of the most advanced interoperability solutions in Web3, we see in AXL a significant opportunity for institutional investors to gain exposure to the technology underpinning next-generation blockchain connectivity. As institutional demand for cryptocurrency exposure grows, we remain committed to providing structured, secure, and innovative investment vehicles in line with the future of blockchain adoption."

The Canary AXL Trust is a private investment vehicle, a single-asset fund designed to hold AXL, the native token of Axelar that powers decentralized security on a scalable blockchain interoperability network.

Speaking on the topic of "interoperability," Josh Olszewicz, Portfolio Manager at Canary Capital, highlighted:

"As interoperability continues to shape the blockchain ecosystem, Axelar is proving to be an essential infrastructure layer. We believe in the long-term potential of Axelar's technology and its role in enabling seamless cross-chain interactions, making AXL an interesting asset for forward-thinking investors."

At the time of writing, AXL is trading at $0.51, showing a price pump of +4.18% in the last 24 hours and +8% compared to seven days ago. This price is still very far from its all-time high of almost $2.40, reached in March 2024.

Coinciding with that period, news emerged of a strategic partnership between Axelar and Ripple to ensure smooth interoperability on the XRP Ledger (XRPL), spanning across multiple blockchain networks.

Axelar also made headlines in July 2023 with its collaboration with tech giant Microsoft, together exploring new blockchain-based interoperability solutions and the potential of AI.