Lucía Peña
Canary Capital has officially submitted an S-1 registration with the U.S. Securities and Exchange Commission (SEC), aiming to launch the Canary AXL ETF, according to a newly filed document.
Shortly after the announcement surfaced on social media platform X, the price of Axelar’s AXL token surged over 14%, as reported by PRIME Price Page. While the price later stabilized at $0.43 by 5:27 p.m. ET, it still recorded a 10% daily gain, outperforming most other cryptocurrencies in the market.
Canary Capital appears to be the first financial institution to propose an exchange-traded fund (ETF) tied to AXL’s price performance.
On the same day, Bitwise also filed an S-1 registration with the SEC to introduce a spot Aptos ETF, reinforcing the trend of altcoin-based ETFs emerging in the U.S. financial market.
The approval of Bitcoin and Ethereum ETFs in the past year, combined with President Donald Trump’s crypto-friendly stance, has led to an increase in altcoin ETF applications as regulatory barriers continue to ease.
Axelar: A Growing Leader in Blockchain Interoperability
Axelar is a Cosmos-based interoperability protocol designed to bridge multiple blockchain networks, including Ethereum, Arbitrum, and Optimism.
The network’s Mobius Development Stack provides essential infrastructure and tools to ensure secure cross-chain communication, a critical component for the evolving decentralized finance (DeFi) ecosystem.
In November 2024, Axelar surpassed $1 billion in total value locked (TVL), further solidifying its growing adoption and utility in the blockchain space.
Institutional Support and Leadership Expansion
Axelar has garnered investments from major backers, including Binance, Coinbase, Dragonfly, Galaxy, and Polychain.
Additionally, the Axelar Foundation announced the hiring of Brian Brooks, the former Coinbase Chief Legal Officer, to its Institutional Advisory Board.
Brooks, who also previously served as acting Comptroller of the Currency, brings extensive regulatory expertise to Axelar’s advisory team, potentially positioning the project for greater institutional adoption.
