Amid ongoing delays in the U.S. Securities and Exchange Commission's (SEC) decision-making regarding spot crypto Exchange Traded Funds (ETFs), Canary Capital Group, a U.S. digital asset investment firm, has filed a registration statement with the SEC for the "Canary American-Made Crypto ETF". The filing was made under Form S-1, initiating the formal regulatory review process. The proposed fund, under the ticker MRCA, aims to track the Made-in-America Blockchain Index, focusing on cryptocurrencies created, mined, or primarily operated in the United States. Shares are slated to trade on the Cboe BZX exchange.
This move by Canary Capital distinguishes itself from many existing and proposed crypto ETFs that often include international digital assets. By focusing on U.S.-centric projects, the Canary American-Made Crypto ETF seeks to emphasize domestic innovation and provide a differentiated investment vehicle for those interested in American blockchain development. The company is positioning itself as the provider of a truly domestic and native investment vehicle to U.S. investors, one grounded in full domestic provenance.
The ETF's strategy involves investing in a portfolio of crypto assets that tracks the Made-in-America Blockchain Index. While the specific tokens to be included aren't explicitly detailed in the filing, the fund will focus on coins that have ties to the U.S., potentially including cryptocurrencies such as XRP, Solana (SOL), and Cardano (ADA), which have strong connections to American-based development and operations. The trust also intends to stake its proof-of-stake holdings through third-party providers, adding rewards to its net asset value.
Market experts speculate that the ETF would likely include major coins by market cap with ties to the U.S.. If the fund holds XRP, it will be Canary's second spot product that provides exposure to XRP. Canary Capital recently filed an amended S-1 for its XRP ETF, although the SEC delayed its decision until October.
Canary Capital is pitching this product as a means not only to introduce crypto to the mainstream but also as a decision that reflects the concerns of investors involving regulatory clarity, concern of supply-chain transparency and national oversight. The "American-Made" image could garner interest among investors concerned about the regulation, transparency, and geopolitics of crypto mining. The proposed ETF could potentially reduce barriers to entry for traditional investors by allowing them to gain exposure to cryptocurrencies through conventional brokerage accounts.
This move comes amid a broader surge in crypto-based ETF filings, especially from Canary Capital. The firm already has S-1 registrations of funds connected with altcoins Cronos (CRO), XRP, and staked coins Injective and Sei. At the same time, the regulatory environment is changing. The SEC has indicated a relaxation of attitude, especially to staking products, and major issuers are scrambling to stake their claims in crypto ETFs.
The regulatory uncertainty continues to influence market dynamics, with investors and institutions alike closely watching how the SEC will respond to the growing demand for crypto-backed investment vehicles. The agency has yet to approve a U.S.-listed spot crypto ETF. Expectations are high on the spot altcoin ETFs, but their regulated approval is still a question mark. Canary, with its domestic-only focus, may qualify as another niche strategy, albeit one that is innovative.
