Canary Files for 'American-Made' Crypto ETF—Will XRP, Solana and Cardano Make the Cut?

In brief

Canary Capital has applied for a “Made in America” crypto ETF.
The fund, if approved, would give investors exposure to digital coins created in the U.S. or primarily backed by U.S. operations.
Canary Capital has applied for a number of altcoin ETFs, including Litecoin and Tron.

Crypto fund manager Canary Capital has applied for a new ETF that would give investors exposure to digital coins and tokens minted on U.S. soil.

The Canary American-Made Crypto ETF, if approved by the SEC, would track the Made-in-America Blockchain Index, a list of American-made cryptocurrencies or crypto projects that have mining or staking operations mostly based in the States, a Monday S-1 registration filing shows.

Nashville, Tennessee-based Canary Capital has already filed applications with the U.S. Securities and Exchange Commission for a number of other crypto ETFs, including Litecoin, Sei, and Tron investment vehicles.

If approved, the latest product would trade on the Cboe BZX Exchange. The SEC S-1 filing did not specify exactly which coins and tokens the fund would track. Canary Capital did not immediately respond to Decrypt‘s questions.

Solana, XRP, and Cardano are among the prominent assets created by American founders. Price tracker CoinGecko includes those coins in a “Made in USA” category, along with others like Chainlink, Sui, and Avalanche.

U.S. President Donald Trump last year said—along with other pro-crypto pledges—that he wanted all remaining coins to be mined on American soil, although he has provided few specifics about how this might be accomplished.

Experts have told Decrypt that it is highly unlikely if not impossible to shift all Bitcoin production to the U.S.

Bitcoin’s decentralized nature means that anyone in the world can technically establish a mining operation and start minting new coins, although the biggest share of the coin’s hash rate does indeed come from American operations.

Fund managers in the U.S. are now trying to get new crypto ETFs approved for American investors following the success of the Bitcoin and Ethereum funds the SEC approved last year. The investment vehicles allow people to buy shares that track the prices of the cryptocurrencies.

Spot Bitcoin ETFs have received $55.7 billion in inflows since the first of them debuted last January, according to U.K. asset manager Farside Investors. Ethereum counterparts have generated $12.4 billion assets since the first of those won SEC green lights in July 2024.