AXL Jumps 14% as Canary Capital Files for Axelar ETF
Asset Manager Canary Capital has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to initiate exchange-traded funds (ETFs) related to Axelar (AXL).
This marks the first file for AXL, a local cryptocurrency that powers the Axelar network, laying the foundation for institutional adoption of tokens.
AXL ETF’s Canary Capital Archive
this RegisterFiled on March 5, the overview will calculate the net asset value (NAV) of the fund based on the price of AXL. But, The exchange will list the location of the ETFits stock symbols and custodians are still not specified.
The proposed ETF is built on The Canary’s Early Effort Bring Axelar to Institutional investors. On February 19, the company launched the Canary Axl Trust. Trust funds are Canary Capital’s first step towards structured AXL products, and ETF applications represent an extension of this work.
“As Axelar drives some of the most advanced interoperability solutions in Web3, we see significant opportunities in AXL for institutional investors to gain technology for the next generation of blockchain connectivity foundations,” Steven McClurg, CEO of Canary Capital explain.
The registered news has had a direct impact on the market. The price of Axl rose 14.3% to $0.44.
Trading volume also soared to $35.7 million. This is an increase of 131.8% from the previous day. Axelar currently has a market capitalization of US$405.5 million and is currently ranked 174th. Co Ringecko.
Encrypted ETFs under Donald Trump: Opportunity or Bubble?
Canary Capital’s application is amid a wider surge Cryptocurrency ETF Application In the United States, this trend has accelerated since Donald Trump took office. According to Kaiko Research, there are currently more than 45 crypto ETFs that apply for pending SEC approval.
although Bitcoin (BTC) and Ethereum (ETH) ETFs occupy space and have expanded to unconventional Assets like meme coins. Bitwise and Grayscale have been submitted for Dogecoin (Doge) etf.
In addition, REX stock ETF files and Tuttle Capital features are launched Meme coins like Official Trump (Trump) and Melania memes (Melania).
Nevertheless, according to Kaiko research, market depth, concentration and trading structure, Non-BTC/ETH ETF. many Altcoins related to ETFs Apply for shallow liquidity, making it more susceptible to price manipulation and volatility.
Furthermore, most of the trading activities of these assets occur on offshore platforms, creating transparency and regulatory oversight issues. Lack of enough dollars Transactions to certain assets Further include them in ETFs, as these are crucial to accurate ETF valuations. In addition, no supervision futures Trading strategies available in many cryptocurrencies.
“All of these factors may limit the demand for more crypto-related ETFs. Although the approval process may change, market dynamics still have to catch up,” kaiko Famous.
Currently, AXL has been added to an increasing list of encrypted ETF files. However, its success and similar ETF success.
Disclaimer
persist in Trust Project Guide Beincrypto is committed to impartial, transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on this content. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
