New Canary Capital ETF bets big on slice of $520 billion ‘American-made’ crypto

Canary Capital has submitted plans to the US Securities and Exchange Commission (SEC) for a new product called the Canary American-Made Crypto ETF.

According to an Aug. 25 filing, the proposed spot fund would limit its holdings to digital assets with strong US ties. That includes cryptocurrencies developed in the country, tokens predominantly minted or mined domestically, and networks with most of their operations based in the United States.

The ETF is designed to follow the Made-in-America Blockchain Index, which aggregates qualifying assets.

According to the filing, the trust aims to mirror the index’s performance while generating additional income by participating in network validation processes, such as staking or transaction verification.

Meanwhile, the filing does not list specific coins, but market data helps illustrate the scope of the fund.

CoinGecko estimates that US-origin assets represent more than $520 billion in market value. Some of the projects often cited in this category include XRP, Solana, Cardano, Chainlink, Stellar, Avalanche, Hedera, and Sui.

Commenting on the trend, Bloomberg ETF analyst Eric Balchunas said the filing illustrates how fund managers explore every possible angle to expose investors to the emerging industry.