Canary Capital has submitted an application to launch the AXL ETF to the U.S. Securities and Exchange Commission (SEC). This is the first official request for the AXL ETF, potentially smoothing the path for institutional acceptance of this cryptocurrency. The application was filed on March 5th, with the Net Asset Value (NAV) of the fund to be based on the AXL price. However, details about the exchange listing the ETF, its trading symbol, or asset custodian have not been disclosed yet. This move follows the launch of the Canary AXL Trust on February 19th, marking Canary Capital’s first attempt to offer a structured AXL fund to institutional investors. Stephen McClurg, CEO of Canary Capital, stated that given AXL’s role in providing advanced interoperability solutions in Web 3.0, this fund presents a significant opportunity for institutional investors to participate in the infrastructure of the new blockchain generation. Following this news, the price of AXL surged over 16% to $0.445, and its daily trading volume increased by a staggering 192% to $41.1 million. Currently, AXL’s market capitalization exceeds $412 million. This application comes at a time when demand for cryptocurrency ETFs in the U.S. has significantly increased, with over 45 ETF applications awaiting SEC review and approval. Despite the dominance of Bitcoin (BTC) and Ethereum (ETH) ETFs, this trend has also extended to assets like meme coins. However, according to Kaiko Research, challenges such as low market depth, capital concentration, and the lack of regulated futures markets, can pose serious obstacles to the success of altcoin ETFs, including AXL. Therefore, the fate of this ETF remains uncertain. Visit the digital currencies’ live price page to track the real-time prices of all tokens and cryptocurrencies.
