Canary Capital Files To Launch ‘American-Made’ Crypto ETF — Will Ripple’s XRP, ADA, And SOL Be Included?

Canary Capital, the digital asset-focused investment firm founded by former Valkyrie Funds co-founder Steven McClurg, filed an S-1 registration with the U.S. Securities and Exchange Commission on Monday for the right to launch a U.S.-only crypto ETF, aiming to track digital coins and tokens minted on U.S. soil.

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The Canary American-Made Crypto ETF, if greenlighted by the SEC, would track an index of cryptocurrencies created, mined, or primarily operated in the United States, with shares slated to trade on Cboe BZX under the ticker MRCA, according to the filing.

The Made-in-America Blockchain Index will only include assets that meet strict criteria set by an oversight committee. Tokens must be eligible for custody with a regulated US trust or bank, maintain minimum liquidity, and trade on multiple established venues.

The trust will give investors direct exposure to these assets without leverage or derivatives, while custody will be handled by a South Dakota-chartered trust company, with most assets held in cold storage.

The S-1 filing did not specify exactly which coins and tokens the fund would track. However, stablecoins, memecoins, and pegged tokens are excluded. Notably, the index will be rebalanced quarterly.

Solana (SOL), Ripple’s XRP, and Cardano (ADA) are among the popular assets created by American founders. Crypto data provider CoinMarketCap includes those coins in a “Top Made in America Tokens by Market Cap” category, along with others like Dogecoin (DOGE), Sui, Stellar (XLM), Chainlink (LINK), and Avalanche (AVAX).

Since a flurry of Bitcoin and Ethereum-based exchange-traded funds debuted last year, and President Donald Trump’s pro-crypto administration took office in the White House, the stream of altcoin ETF submissions has been soaring.

Nashville, Tennessee-based Canary Capital has previously filed paperwork with the Securities and Exchange Commission for several other crypto ETFs, including ones tied to Litecoin, SOL, TRX, and Trump Coin.

Other companies are also looking to get the SEC’s green light for several ETFs, mostly focused on XRP and Solana, under a Paul Atkins-led SEC that’s more amiable to crypto and related investment vehicles.