Canary Capital has filed for a new exchange-traded fund (ETF), targeting cryptocurrencies made in the U.S. This product, called the Canary American-Made Crypto ETF, is waiting for regulatory approval.
ETF Key Information
The ETF application has been filed for listing on the Cboe BZX Exchange under the ticker MRCA and is currently awaiting SEC approval. This fund will include cryptocurrencies that were invented, mined, or have a dominant presence in the U.S. This enables investors to access the crypto markets through ordinary brokerage accounts without having to purchase or hold digital coins directly.
Analysis and Comments
Analyst Eric Balchunas remarked that it is unclear which specific coins would qualify for the ETF. Notably, major cryptocurrencies like Bitcoin, which was invented in the U.S., may be included. The fund is considered high-risk and speculative, and investors could potentially lose their entire investment.
Other Initiatives by Canary Capital
In addition to this, Canary Capital has also filed for the Canary Trump Coin ETF, registered on August 13 in Delaware. They have also submitted an application for the Canary Staked Injective ETF, which is intended to list on the Cboe BZX pending SEC approval. Thus, the company is actively expanding its ETF line, focusing on U.S.-centric investments.
Canary Capital aims to broaden its presence in the crypto ETF market by filing for new products focused on the American market. The pending SEC approval will be the next significant step toward launching these new investment opportunities.
