Canary Files for First-Ever ‘American-Made’ Crypto ETF

Canary Takes a New Step in Crypto ETFs

Crypto fund manager Canary Capital has filed with the U.S. Securities and Exchange Commission (SEC) to launch the first exchange-traded fund (ETF) dedicated exclusively to American-made cryptocurrencies. The proposed Canary American-Made Crypto ETF would track an index of coins and tokens tied to U.S.-based operations, according to the S-1 registration filed on Monday.

If approved, the ETF would trade on the Cboe BZX Exchange. The filing describes the product as a Delaware statutory trust that issues continuous shares representing beneficial interests. It differs from mutual funds or ETFs registered under the Investment Company Act of 1940, meaning investors will not receive the same protections usually associated with regulated investment companies.

This filing marks a notable attempt to expand beyond the Bitcoin and Ethereum ETFs that gained approval last year. While those funds drew billions in inflows, Canary’s new proposal focuses on crypto assets that are either created, validated, or operated primarily within the United States.

What Does “American-Made” Mean?

The fund would track the Made-in-America Blockchain Index, which includes cryptocurrencies that meet at least one of three criteria:

• The project was originally created in the United States.
• The majority of tokens were minted domestically through validation methods such as proof-of-work or proof-of-stake.
• The protocol’s core operations or development teams are U.S.-based.

Coins that could qualify under this framework include Solana (SOL), Cardano (ADA), XRP (XRP), Chainlink (LINK), Avalanche (AVAX), Sui (SUI), Stellar (XLM), Uniswap (UNI), and Dogecoin (DOGE). However, the SEC filing did not specify which assets will be included at launch.

CoinGecko maintains a “Made in USA” category that lists similar tokens, though index methodology may differ.

Canary Capital’s Broader ETF Push

This is not Canary’s first ETF attempt. The Nashville, Tennessee-based firm has already submitted applications for several other crypto products, including:

• Litecoin ETF
• Sei ETF
• Tron ETF
• XRP ETF (revised S-1 submitted in August, tied to Ripple’s token)
• Trump Coin ETF, based on the memecoin launched earlier this year

Most of these applications remain under SEC review.

Canary’s latest filing also allows for secondary participation in blockchain network activities, such as staking, where possible. Custody will be handled by a South Dakota-chartered trust company, with most assets stored in cold wallets.

Institutional Context

Fund managers in the U.S. have been racing to expand the crypto ETF market following the success of Bitcoin and Ethereum products.

• Spot Bitcoin ETFs have attracted $54 billion in inflows since their January 2024 debut, according to Farside Investors.
• Ethereum ETFs have drawn $12.8 billion in assets since SEC approval in July 2024.

These results encourage asset managers to experiment with new categories. Bloomberg ETF analyst Eric Balchunas commented that the success of existing funds has opened the door for ETFs tracking unique combinations of crypto assets.

“As we’ve predicted, thanks to the category’s success, get ready for ETFs to try every combo imaginable,” Balchunas wrote on X. He admitted, however, that defining which assets count as “American-made” may not be straightforward.

Political and Regulatory Climate

The filing also comes amid a shift in U.S. crypto policy. Former SEC Commissioner Paul Atkins launched “Project Crypto” in July, an initiative to modernize regulatory frameworks for digital assets.

In August, the SEC clarified that certain liquid staking arrangements are not considered securities, which could pave the way for staking-focused ETFs.

Meanwhile, U.S. President Donald Trump has voiced support for increasing domestic crypto production, stating he wanted all coins mined on American soil. Experts note, however, that achieving such a policy is highly unlikely given Bitcoin’s decentralized design and global mining distribution.

The SEC remains cautious despite a softer tone. This month, the agency delayed decisions on multiple filings, including 21Shares’ Solana ETF, Bitwise’s Solana ETF, and the 21Shares Core XRP Trust.

Key Features of the Canary American-Made Crypto ETF

The SEC filing highlights several important details:

• Structure: Delaware statutory trust, issuing continuous shares under the Securities Act of 1933.
• Index: Tracks the Made-in-America Blockchain Index.
• Custody: South Dakota-chartered trust company, with majority cold storage.
• Exposure: Direct token holdings, without leverage or derivatives.
• Staking: May engage in validation activities where possible.

These features place the fund closer to existing spot Bitcoin and Ethereum ETFs, though its selection methodology introduces new challenges around classification.

Why This Matters

The Canary American-Made Crypto ETF signals growing interest in thematic ETFs within digital assets. Instead of simply mirroring Bitcoin or Ethereum, this fund narrows exposure to projects tied to the U.S. economy and regulatory landscape.

Such a product could appeal to investors seeking:

• Greater alignment with U.S. political and regulatory trends.
• Exposure to a diversified basket of tokens beyond Bitcoin and Ethereum.
• Participation in projects with the U.S.-based development teams and infrastructure.

However, investors should also note the risks. Unlike ETFs governed under the 1940 Act, this trust lacks certain protections. Concentration in U.S.-linked tokens could reduce geographic diversity. And SEC approval remains uncertain, especially with definitional ambiguity around what qualifies as “American-made.”

Conclusion

Canary Capital’s filing for the first-ever American-made crypto ETF reflects both the success of earlier crypto ETFs and a broader attempt to diversify investment vehicles. While the SEC has yet to approve the proposal, the product aims to give investors regulated exposure to a portfolio of U.S.-based cryptocurrencies.

If approved, the ETF could serve as a case study in how thematic digital asset funds function within the U.S. regulatory framework. For now, the filing highlights ongoing experimentation as crypto ETFs expand beyond Bitcoin and Ethereum.

Resources:

1. Canary Capital’s American-made crypto filing with the SEC: https://www.sec.gov/Archives/edgar/data/2083119/000199937125011916/mrca-s1_082225.htm

2. US Spot ETF data: https://sosovalue.com/

3. US SEC delays crypto ETFs, reported by CoinTelegraph: https://cointelegraph.com/news/sec-pushes-back-decisions-truth-social-solana-xrp-crypto-etfs