What Canary American-made crypto ETF means for altcoins?

Summary

Canary Capital filed for three new crypto related ETFs with the US SEC, including an American-made crypto ETF, on August 25.
The filing document states that the new investment ETF is speculative and high-risk.
The firm’s two other filings include the Trump coin and the Staked Injective ETF.
The market capitalization of made in US cryptos is down nearly 5% in the past day.
The 24-hour trade volume of the category exceeds $53 million, as of August 26.

Canary Capital, a digital asset and crypto fund manager, filed for an American-made crypto ETF with the U.S. financial regulator, the SEC, fueling speculation of an “altcoin season” or gains in made-in-USA altcoins. In this deep dive, we analyze the impact of Canary’s American-made crypto ETF on tokens like XRP, Cardano, Chainlink, Solana, and Stellar, the top five cryptocurrencies in the made-in-USA category, ranked by market capitalization.

Table of Contents

Canary Capitals SEC filing for proposed ETFs

The digital asset fund manager’s SEC filing reveals plans to invest in a portfolio of crypto assets that tracks the made-in-America blockchain index. The index will track cryptocurrencies originally created in the U.S., where a majority of the token’s supply was minted within the United States, and a majority of the protocol’s operations are U.S.-based.

The trust plans to generate rewards through the validation of transactions on the token’s native blockchain network, per the filing.

Canary Capital’s other filings, one for a Trump coin ETF and the other for a Staked Injective ETF, show that the digital asset manager is exploring several crypto-related investment products in the U.S. market. Currently, there is no fixed timeline for approval. The proposed investment products position Canary Capital as a fund focused on attracting U.S.-based crypto investors.

The filing menti

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Author: Ekta Mourya

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