Digital asset manager Canary Capital Group has filed with the SEC to introduce a cryptocurrency ETF focused on US-related assets.
Key Features of Canary Capital ETF
The Canary Capital ETF will be traded on Cboe BZX Exchange under the ticker MRCA. The product is designed to provide investors with exposure only to cryptocurrencies that have significant ties to the United States.
Criteria for Token Inclusion
The ETF will track the Made-in-America Blockchain Index, which will accept tokens only if they meet stringent criteria. Assets must be eligible for custody by regulated US banks or trusts, have adequate liquidity, and be listed on several proven exchanges.
The index will exclude: * Stablecoins * Memecoins * Any pegged tokens
The index will also be rebalanced quarterly to maintain transparency and stability.
Market for US Tokens and Competing Filings
According to CoinGecko data, made-in-USA cryptocurrencies account for over $514 billion in market cap. Some popular projects likely to qualify include XRP, Solana, Cardano, and others.
The filing for the Canary Capital ETF coincides with a busy season for crypto fund proposals, such as Grayscale's recent application to convert its Avalanche Fund into a public trust called Grayscale Avalanche Trust ETF.
If approved, the ETF will provide investors with the opportunity to support American crypto initiatives and earn staking benefits, showcasing a blend of security and growth potential.
