UPDATED: March 5, 2025, 5:54PM EST
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.
The platform, which recently crossed $1 billion in total value locked last November, counts Binance, Coinbase, Dragonfly, Galaxy and Polychain as backers.
On Wednesday, the Axelar Foundation announced it has hired former Coinbase Chief Legal Officer Brian Brooks to its newly formed Institutional Advisory Board. Brooks previously served as acting comptroller of the currency, which one of the most important banking regulators in the United States.
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