Canary Capital has formally filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) monitoring Axelar’s AXL token. The announcement led to a fast improve in AXL worth, surging over 15% earlier than settling at roughly $0.44.
AXL Price Gains Momentum With Axelar ETF Announcement
According to a recent filing, Canary Capital submitted an S-1 registration with the SEC to introduce the “Canary AXL ETF,” making it the primary monetary establishment to suggest an ETF monitoring the Axelar token. Following the announcement, AXL worth rose sharply, surpassing a 15% improve inside minutes earlier than stabilizing at round $0.44.
Market knowledge indicated that AXL’s efficiency outpaced most different cryptocurrencies on the identical day. The ETF submitting drew consideration from buyers, reflecting rising curiosity in blockchain interoperability options.
Notably, American funding administration agency Canary Capital has filed for a number of altcoin ETFs, together with Solana, XRP, and Litecoin, in latest months.
Most just lately, Canary’s Litecoin ETF was listed on the DTCC platform underneath the ticker LTCC, fueling hypothesis about an imminent approval. With Bloomberg analysts giving a 90% probability for a spot Litecoin ETF approval in 2025, market anticipation continues to develop.
Axelar Expands With Industry Partnerships
Axelar, a cross-chain protocol enabling seamless blockchain communication, has secured integrations with main business gamers, together with J.P. Morgan, Microsoft, Uniswap, and MetaMask. The platform facilitates interoperability throughout blockchain networks resembling Ethereum, Arbitrum, and Optimism, supporting decentralized transactions.
The community has gained substantial institutional backing, with Binance, Coinbase, Dragonfly, Galaxy, and Polychain amongst its buyers. In November 2024, Axelar surpassed $1 billion in complete worth locked (TVL), additional solidifying its presence within the crypto ecosystem.
As a part of its strategic enlargement, Axelar introduced the appointment of Brian Brooks, former Coinbase Chief Legal Officer and Acting U.S. Comptroller of the Currency, to its newly shaped Institutional Advisory Board. Brooks’ expertise in regulatory frameworks and monetary markets aligns with Axelar’s concentrate on institutional adoption.
Sergey Gorbunov, co-founder of Axelar, said,
“With more regulatory clarity in the U.S., institutional adoption is well underway, and interoperability is the key gateway between TradFi and Web3.”
Crypto-Based ETFs
Canary Capital’s Axelar ETF submitting is a part of a broader pattern of accelerating altcoin ETF submissions. Since the approval of Bitcoin and Ethereum ETFs, the market has witnessed an increase in filings for blockchain-related ETFs.
Earlier right now, Bitwise Asset Management submitted an S-1 registration assertion to the SEC for an Aptos ETF, sparking a 15% surge in APT worth to $6. The proposed ETF will observe Aptos’ worth utilizing CF Benchmarks’ pricing index, providing buyers regulated publicity to the asset.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with 4 years {of professional} expertise, having contributed considerably to varied media retailers on cryptocurrency traits and applied sciences. With over 4000 printed articles throughout numerous media retailers, he goals to tell, educate and introduce extra folks to the Blockchain and DeFi world. Outside of his journalism profession, Ronny enjoys the fun of motorbike driving, exploring new trails and landscapes.
Disclaimer: The offered content material could embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability in your private monetary loss.
