Canary Capital has launched the Canary AXL Trust, a private investment vehicle for institutional and accredited investors, focusing on AXL, the native cryptocurrency of the Axelar Network.
This marks Canary as the first firm to provide an investment trust centred on a blockchain interoperability protocol, showcasing its dedication to diversifying digital asset investment opportunities beyond Bitcoin and Ethereum.
The launch highlights the rising interest in blockchain interoperability, which is essential for Web3 infrastructure. Axelar Network is a significant player that enables secure connections in decentralized finance. Canary Capital targets investors interested in cross-chain technology growth by offering structured exposure to AXL.
“As institutional demand for crypto exposure continues to grow, we remain focused on providing secure and innovative investment vehicles that align with blockchain adoption,”
said Steven McClurg, CEO of Canary Capital.
Axelar experienced significant growth in 2024, with a 71% increase in active users and cumulative transaction volume exceeding $10 billion. The network attracted prominent institutional partners such as Apollo Global Management, Deutsche Bank, and J.P. Morgan. By early 2025, Axelar became the 11th largest blockchain network by total value locked (TVL), surpassing $1 billion for the first time.
“With Axelar becoming a critical part of the blockchain ecosystem, we believe AXL is a strong investment for those looking at the future of cross-chain technology,”
said Josh Olszewicz, Portfolio Manager at Canary Capital.
In another development, the U.S. Securities and Exchange Commission (SEC), under Acting Chairman Mark Uyeda, has formally acknowledged Canary Capital’s Litecoin ETF filing. Bloomberg ETF analyst confirmed that the SEC is reviewing Nasdaq’s 19b-4 application. This marks a shift in the agency’s stance, as previous altcoin ETF proposals were often rejected or withdrawn. Canary Capital submitted its LTC ETF application on January 16, marking it the first altcoin ETF after Bitcoin and Ether to seek official approval.
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