As institutional and industry partnerships grow, Canary Capital Axelar ETF filing with the US SEC, causing a 15% price spike to $0.44.
To introduce an exchange-traded fund (ETF) that tracks Axelar’s AXL token, Canary Capital has formally submitted an S-1 registration to the U.S. Securities and Exchange Commission (SEC). The price of AXL quickly increased due to the announcement, rising more than 15% before leveling off at about $0.44.
AXL Price Shoots With Axelar ETF Filing Announcement
According to a recent filing, Canary Capital became the first financial institution to suggest an ETF that tracks the Axelar token when it filed for an S-1 registration with the SEC to launch the “Canary AXL ETF.” The price of AXL surged after the announcement, surpassing a 15% increase in just a few minutes before leveling off at about $0.44.
According to market data, AXL performed better than most other cryptocurrencies that day. Investor interest in blockchain interoperability solutions increased due to the ETF filing.
Notably, in recent months, the American investment management company Canary Capital has applied for several altcoin ETFs, such as Litecoin, XRP, and Solana.
Rumors of an impending approval were stoked when Canary’s Litecoin ETF was most recently listed on the DTCC platform with the ticker LTCC. Market expectations are still rising, with Bloomberg analysts projecting a 90% chance of a spot Litecoin ETF approval in 2025.
Axelar Grows Through Industry Collaborations
Major industry players like Microsoft, Uniswap, J.P. Morgan, and MetaMask have secured integrations with Axelar, a cross-chain protocol that facilitates smooth blockchain communication. The platform supports decentralized transactions by enabling interoperability across blockchain networks like Ethereum, Arbitrum, and Optimism.
The network has received significant institutional support from investors, including Binance, Coinbase, Dragonfly, Galaxy, and Polychain. Axelar established its position in the cryptocurrency ecosystem in November 2024 when its total value locked (TVL) surpassed $1 billion.
Former Coinbase Chief Legal Officer and Acting U.S. Comptroller of the Currency Brian Brooks was appointed to Axelar’s newly established Institutional Advisory Board as part of the company’s strategic expansion. Axelar’s emphasis on institutional adoption aligns with Brooks’ background in financial markets and regulatory frameworks.
Axelar co-founder Sergey Gorbunov said Interoperability is the primary link between TradFi and Web3, and institutional adoption is well underway with increased regulatory clarity in the U.S.
