Canary Capital Files for Axelar ETF, AXL Surges 14%

Canary Capital has filed an S-1 registration with the SEC to launch the first exchange-traded fund (ETF) focused on Axelar's native token, AXL, marking a significant development in the crypto ETF landscape. This move has generated excitement as AXL's price surged over 15% shortly after the announcement, indicating strong investor interest in blockchain interoperability solutions. Axelar, which facilitates cross-chain communication among blockchains, has gained substantial institutional backing from major firms like J.P. Morgan and Microsoft. The involvement of Steven McClurg, known for his work with Valkyrie Funds, and the addition of former Coinbase executive Brian Brooks to Axelar's advisory board further enhance the project's credibility. Analysts believe that Axelar could emerge as a top contender in the cryptocurrency market, especially as the demand for decentralized finance solutions grows. This filing follows a trend of increasing altcoin ETF proposals amid heightened interest in digital assets.