Canary Submits ETF Filing to SEC with Focus on U.S.-Linked Crypto

TLDR

• Canary has filed with the SEC to launch a new digital asset ETF named the American-Made Crypto ETF.
• The ETF will track the Made-in-America Blockchain Index which focuses on U.S.-linked cryptocurrencies.
• Assets included in the fund must be created mined, or operated mainly within the United States.
• XRP may be considered due to its American origins and its development by U.S.-based Ripple.
• Solana is also a strong candidate as its early development was based in the United States.

Canary has filed for a new ETF with the U.S. Securities and Exchange Commission (SEC). The proposed product, named the American-Made Crypto ETF, seeks to track U.S.-linked cryptocurrencies. The filing identifies the Made-in-America Blockchain Index as its primary benchmark.

Canary ETF May Include XRP for Origins

Canary’s ETF may consider XRP due to its American origins. The token was pre-mined by three engineers based in the U.S. Moreover, Ripple, headquartered in San Francisco, supports XRP and the XRP Ledger.

This U.S. linkage makes XRP a viable asset under Canary’s proposed ETF strategy. The filing emphasized inclusion of assets either created, mined, or managed in the U.S. Therefore, XRP’s developmental and operational base supports its potential eligibility.

Ripple has consistently expanded XRP’s global use while maintaining a strong U.S. operational presence. Additionally, the SEC is reviewing a separate application from Canary for a spot XRP ETF.

Solana’s U.S. Footprint Aligns with Fund Criteria

Solana may also meet Canary’s selection standards. The blockchain was founded and developed primarily in the United States. Its early engineers and core contributors were mostly based in the country.

Solana’s U.S. foundation makes it a fitting candidate for the ETF’s focus. Whale Wire CEO Jacob King stated, “Solana’s early development was firmly rooted in the United States.” He further added that Solana’s infrastructure aligns with the ETF’s U.S.-centric vision.

Since launch, Solana has remained largely operated through U.S.-based contributors. This background positions Solana alongside XRP as a strong contender for inclusion in Canary’s ETF basket.

ADA’s Protocol Design Hints at Eligibility

ADA may also enter the ETF due to its operational model. While the Cardano Foundation is based in Switzerland, much of ADA’s technical work stems from U.S.-based Input Output Global (IOG). The development arm, led by Charles Hoskinson, has offices and teams in the U.S.

The ETF filing states that protocol operations based in the U.S. qualify assets for inclusion. In that context, ADA’s structure may meet the fund’s selection criteria. Canary will assess all eligible assets before confirming its final portfolio.

Canary plans to list the ETF under the ticker “MRCA” on the Cboe BZX exchange. However, Cboe has not yet submitted the required 19b-4 application. Canary will sponsor the ETF, while CSC Delaware Trust has been appointed as trustee.

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