Canary Capital recently filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to seek approval for launching an ETF that tracks the price of Axelar (AXL), according to published documents.
Shortly after this news spread on platform X, Axelar’s AXL token surged by more than 20%. At the time of writing, AXL is stabilizing around $0.44, up more than 12% in the past 24 hours, significantly outperforming other cryptocurrencies for the day.
Canary Capital is the first financial institution to take steps toward launching an ETF tracking AXL’s price. On the same day, Bitwise also filed an S-1 registration with the SEC, aiming to introduce an ETF based on Aptos.
The trend of filing for altcoin ETFs has been gaining momentum since Bitcoin and Ethereum ETFs launched last year, particularly as the pro-crypto administration of former President Donald Trump took office.
Axelar is a cross-chain interoperability platform built on Cosmos, designed to connect different blockchain architectures such as Ethereum, Arbitrum, and Optimism. Axelar’s Mobius Development Stack provides tools and infrastructure to ensure secure interoperability between networks.
As of last November, Axelar’s total value locked (TVL) surpassed $1 billion. The project is backed by major investment firms, including Binance, Coinbase, Dragonfly, Galaxy, and Polychain.
Additionally, on Wednesday, the Axelar Foundation announced the appointment of former Coinbase Chief Legal Officer Brian Brooks to the Advisory Board of the newly established organization. Brooks previously served as Acting U.S. Comptroller of the Currency, one of the most significant banking regulatory roles in the country.