Canary Capital has submitted an S-1 registration to the U.S. Securities and Exchange Commission to launch an Axelar ETF, as stated in a filing.
Following the news on the social media platform X that Canary plans to launch the “Canary AXL ETF,” the price of Axelar’s AXL token surged by over 14%, according to The Block Price Page. As of 5:27 p.m. ET, AXL’s price settled at around $0.43, representing a 10% increase in the past 24 hours, outperforming other cryptocurrencies.
Canary is the first financial institution to express interest in launching an exchange-traded fund tied to the price of AXL. Bitwise also filed an S-1 registration with the SEC on the same day for an Aptos-based ETF.
With the rise of bitcoin and ether-based ETFs in the past year, and the crypto-friendly administration of President Donald Trump, the number of altcoin ETF submissions has been increasing.
Axelar is an interoperability platform based on Cosmos that enables communication between different blockchain architectures, including Ethereum, Arbitrum, and Optimism. Its Mobius Development Stack provides the necessary tools and infrastructure for secure interoperability across networks.
The platform, which surpassed $1 billion in total value locked last November, has received backing from Binance, Coinbase, Dragonfly, Galaxy, and Polychain.
The Axelar Foundation has announced the appointment of former Coinbase Chief Legal Officer Brian Brooks to its newly formed Institutional Advisory Board. Brooks previously served as the acting comptroller of the currency, one of the most important banking regulators in the United States.
