Canary Capital Files S-1 Registration with the SEC to Launch an AXL ETF

Canary Capital has officially filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking Axelar’s AXL token. The announcement led to a rapid increase in AXL price, surging over 15% before settling at approximately $0.44.

Canary Capital has officially filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking Axelar's AXL token. The announcement led to a rapid increase in AXL price, which surged over 15% before settling at approximately $0.44.

AXL Price Gains Momentum With Axelar ETF Announcement

According to a recent filing, the investment management firm submitted the S-1 registration to introduce the “Canary AXL ETF,” making it the first financial institution to propose an ETF tracking the Axelar token. Following the announcement, AXL price experienced a significant surge, increasing by more than 15% within minutes.

At the same day, AXL's performance outpaced most other cryptocurrencies, with the token's price surging over 14% to reach around $0.44 by early afternoon. The ETF filing brought attention to AXL, highlighting the growing interest in blockchain interoperability solutions.

American investment management firm, Canary Capital, has applied for multiple altcoin ETFs, including Solana, XRP, and Litecoin, in recent months. Most recently, Canary’s Litecoin ETF was listed on the DTCC platform with the ticker LTCC.

The listing sparked speculation about an imminent approval for the crypto ETF. With Bloomberg analysts giving a 90% chance for a spot Litecoin ETF approval in 2025, anticipation for the ETF filing is running high.

Axelar Expands With Industry Partnerships

Axelar is a cross-chain protocol that enables seamless communication between various blockchains, aiming to expand the reach of decentralized technologies. The platform integrates major industry players such as J.P. Morgan, Microsoft, Uniswap, and MetaMask, facilitating interoperability across blockchain networks like Ethereum, Arbitrum, and Optimism to support decentralized transactions.

The network has secured significant institutional backing with investments from Binance, Coinbase, Dragonfly, Galaxy, and Polychain. In November 2024, Axelar surpassed $1 billion in total value locked (TVL), further solidifying its presence in the crypto ecosystem.

As part of its strategic expansion, Axelar announced the appointment of Brian Brooks, former Coinbase Chief Legal Officer and Acting U.S. Comptroller of the Currency, to its newly formed Institutional Advisory Board. Brooks' experience in regulatory frameworks and financial markets aligns with Axelar's focus on institutional adoption.

"With more regulatory clarity in the U.S., institutional adoption is well underway, and interoperability is the key gateway between TradFi and Web3," said Sergey Gorbunov, co-founder of Axelar.

Crypto-Based ETFs

Canary Capital's Axelar ETF filing is part of a broader trend of increasing altcoin ETF submissions. Since the approval of Bitcoin and Ethereum ETFs, the market has seen a rise in filings for blockchain-related ETFs.

Earlier today, Bitwise Asset Management submitted an S-1 registration statement to the S.E.C for an Aptos ETF, which sparked a 15% surge in APT price to $6. The proposed ETF will track Aptos's value using CF Benchmarks' pricing index, offering investors regulated exposure to the asset.