Asset manager Canary Capital filed an S-1 with the U.S. Securities and Exchange Commission (SEC) for an American-Made Crypto ETF. The fund would be invested in cryptocurrencies that have strong ties to the United States, such as potential contenders XRP, Solana, and Cardano.
The filing indicates the ETF will list on the Cboe BZX Exchange. The exchange will file a 19b-4 filing shortly to list and deal the shares. The ETF will follow the Made-in-America Blockchain Index, which will emphasize U.S.-originated cryptocurrencies and businesses.
The Made-in-America Blockchain Index aims at coins whose majority of the supply is produced within the U.S. and protocols whose operations are based in the U.S. Canary Capital plans to include assets whose transactions are validated domestically. The fund would also pursue staking income through network validation to earn extra payments to the investors.
The fund trustee will be the CSC Delaware Trust Company. Canary hasn’t specified the custodian of the fund. This ETF joins the roster of the asset manager’s upcoming crypto-sector funds like the XRP, Litecoin, Hedera, PENGU, and Injective ETFs.
Market experts comment on US-linked crypto
Bloomberg analyst Eric Balchunas highlighted the ETF’s aim to provide exposure to U.S.-linked cryptocurrencies. He admitted uncertainty regarding which coins would qualify and asked his 364,100 followers to predict potential inclusions. Major coins by market capitalization are expected to meet the fund’s criteria.
Whale Wire CEO Jacob King suggested XRP and Solana as likely candidates due to their U.S. development roots. XRP was pre-mined by three American developers whose blockchain had the backing of Ripple. Solana had its early development strongly based within the United States, hence becoming a potential candidate for the ETF.
Balchunas explained that Canary’s ETF is a manifestation of the larger trend towards the launch of crypto funds after the success of the original funds. Balchunas further explained that the fund may contain just the cryptocurrencies that have strong U.S. connections. Coins such as Solana, XRP, and Cardano meet the ETF’s three key inclusion criteria.
SEC review delays XRP ETF decision
IF it will be included, the second slot offering from Canary may bring the investors closer to the token. A vote on the company’s renewed XRP ETF was delayed by the SEC to October. Bitcoin does not qualify under the origin requirement of the ETF, although most of its supply is mined by U.S.-based miners.
The American-made Crypto ETF may stimulate broader U.S.-centered crypto products innovation. Demand for U.S.-based crypto exposure among investors is gaining traction, particularly with regulatory clarity. Canary’s project shows the rising convergence among U.S. crypto initiatives and mainstream investing strategies that may define the future ETF offering trends within the country.
