Canary Capital Sparks AXL Price Surge With Axelar ETF Filing

Canary Capital has officially filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking Axelar’s AXL token. The announcement led to a rapid increase in AXL price, surging over 15% before settling at approximately $0.44.

AXL Price Gains Momentum With Axelar ETF Announcement

According to a recent filing, Canary Capital submitted an S-1 registration with the SEC to introduce the “Canary AXL ETF,” making it the first financial institution to propose an ETF tracking the Axelar token. Following the announcement, AXL price rose sharply, surpassing a 15% increase within minutes before stabilizing at around $0.44.

Market data indicated that AXL’s performance outpaced most other cryptocurrencies on the same day. The ETF filing drew attention from investors, reflecting growing interest in blockchain interoperability solutions.

Notably, American investment management firm Canary Capital has filed for multiple altcoin ETFs, including Solana, XRP, and Litecoin, in recent months. 

Most recently, Canary’s Litecoin ETF was listed on the DTCC platform under the ticker LTCC, fueling speculation about an imminent approval. With Bloomberg analysts giving a 90% chance for a spot Litecoin ETF approval in 2025, market anticipation continues to grow.

Axelar Expands With Industry Partnerships

Axelar, a cross-chain protocol enabling seamless blockchain communication, has secured integrations with major industry players, including J.P. Morgan, Microsoft, Uniswap, and MetaMask. The platform facilitates interoperability across blockchain networks such as Ethereum, Arbitrum, and Optimism, supporting decentralized transactions.

The network has gained substantial institutional backing, with Binance, Coinbase, Dragonfly, Galaxy, and Polychain among its investors. In November 2024, Axelar surpassed $1 billion in total value locked (TVL), further solidifying its presence in the crypto ecosystem.

As part of its strategic expansion, Axelar announced the appointment of Brian Brooks, former Coinbase Chief Legal Officer and Acting U.S. Comptroller of the Currency, to its newly formed Institutional Advisory Board. Brooks’ experience in regulatory frameworks and financial markets aligns with Axelar’s focus on institutional adoption.

Sergey Gorbunov, co-founder of Axelar, stated,

“With more regulatory clarity in the U.S., institutional adoption is well underway, and interoperability is the key gateway between TradFi and Web3.”

Crypto-Based ETFs

Canary Capital’s Axelar ETF filing is part of a broader trend of increasing altcoin ETF submissions. Since the approval of Bitcoin and Ethereum ETFs, the market has witnessed a rise in filings for blockchain-related ETFs. 

Earlier today, Bitwise Asset Management submitted an S-1 registration statement to the SEC for an Aptos ETF, sparking a 15% surge in APT price to $6. The proposed ETF will track Aptos’ value using CF Benchmarks’ pricing index, offering investors regulated exposure to the asset.