Canary Capital Files for an Axelar ETF

Canary Capital, an investment firm focused on digital assets and founded by Steven McClurg, formerly of Valkyrie Funds, is set to launch an exchange-traded fund (ETF) that will track the price of Axelar (AXL).

The firm initiated this process by submitting an S-1 filing to the Securities and Exchange Commission (SEC) on Wednesday.

Canary Capital has previously submitted applications for several other ETFs, some of which have been acknowledged by the Commission and are awaiting approval.

“Axelar boasts one of the top development teams in the blockchain arena, and most viable protocols collaborate with them for chain interoperability,” said Steven McClurg, CEO of Canary Capital. “There is no doubt in my mind that AXL will become a top 20 token by market capitalization as it gains recognition. This is why we decided to take this opportunity.”