Canary Capital filed an S-1 registration with the U.S. Securities and Exchange Commission on Wednesday for the right to launch an Axelar ETF, according to a filing.
Within minutes of the news breaking on the social media platform X that Canary is seeking to launch the "Canary AXL ETF," Axelar's AXL token jumped by more than 14%, according to The Block Price Page. AXL's price then settled slightly to about $0.43 as of 5:27 p.m. ET, an increase of over 10% for the past 24 hours, still far better than other cryptocurrencies performed during the day.
Canary appears to be the first financial institution keen to launch an exchange-traded fund that follows the price of AXL. Also on Wednesday, Bitwise filed an S-1 registration with the SEC in the hopes of launching a Aptos-based ETF.
Since many bitcoin and ether-based ETFs launched last year, and President Donald Trump's crypto-friendly administration took power of the U.S. government, the stream of altcoin ETF submissions has been climbing.
Axelar is a Cosmos-based interoperability platform that facilitations communication between different blockchains architectures including Ethereum, Arbitrum and Optimism. Its Mobius Development Stack provides the tools and infrastructure to facilitate secure interoperability across networks.
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