A document submitted to the SEC indicates that the asset manager has filed the S-1 form for this cryptocurrency ETF. As stated in the document, the fund will be listed on the CBOE BZX exchange, which means that the exchange is likely to soon submit the 19b-4 form to list and trade shares of this fund.
Additionally, the American-Made Cryptocurrency ETF will invest in a portfolio of crypto assets that replicates the American-Made Blockchain Index. This index will focus on crypto assets originating in the U.S., coins whose primary supply is minted in the U.S. through their native validation mechanism, and those whose protocol operations are primarily conducted in the U.S.
The asset manager did not provide details on who will be the custodian of the fund, while CSC Delaware Trust Company will be the trustee. On the other hand, Canary indicated that the trust may seek to generate rewards, likely through staking, validating transactions on the networks corresponding to the crypto assets in the portfolio.
The U.S. cryptocurrency ETF represents the latest in a long list of cryptocurrency funds that the asset manager seeks to offer. Canary already has pending applications with the Commission for ETFs of XRP, Litecoin, Hedera, PENGU, and Injective. It is also likely to apply for a Trump Coin ETF, after having registered it in Delaware.
In a post on X, Bloomberg analyst Eric Balchunas commented on the filing of the Canary American-Made cryptocurrency ETF. He noted that the fund will only include cryptocurrencies that meet the criteria stated by the asset manager in the filing.
Furthermore, it stated that, as they predicted, there is likely to be a wave of all imaginable combinations thanks to the success that current cryptocurrency ETFs have enjoyed.
Meanwhile, Balchunas admitted that he is not completely sure which coins would enter the fund and which would not. He suggested that only the top coins by market capitalization, those with ties to the U.S., would likely be included.
Coins like XRP, Solana, and Cardano meet the three criteria that Canary included for its U.S. cryptocurrency ETF. If the fund holds XRP, it will be the second spot product from Canary that offers exposure to XRP. The asset manager recently submitted a modified S-1 application for its XRP ETF, although the SEC delayed its decision until October.
Meanwhile, the Bloomberg analyst then questioned whether Bitcoin originated in the U.S. Although BTC may not meet the origin criteria, most of its supply originated in the U.S., as most miners are based in the country.
