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Canary Capital Launches AXL Trust, ETF Rumors Swirl

Coin WorldSunday, Jan 26, 2025 7:18 am ET
1min read

Canary Capital, a prominent investment firm, has registered the AXL Trust, named "CANARY AXL TRUST," in Delaware on January 22nd. The registration, filed with the Delaware Division of Corporations, indicates that the trust is a statutory trust and has not yet fully commenced operations. The entity type is noted as a statutory trust, and the trust has not yet fully commenced operations.

The registration also carries a "bad standing declaration," which suggests that the filing does not signify that the trust is currently in good standing. Good standing generally refers to a company not being in violation of state laws or not being dissolved. This could imply that the trust is still in the process of being established and may not yet be fully operational.

It is worth noting that Canary Capital had previously applied to register the HBAR Trust "CANARY HBAR TRUST" in Delaware on September 18, 2024, with a similar "bad standing declaration." Subsequently, on September 24, 2024, Canary registered CANARY HBAR ETF with file number 5231034. This suggests that Canary Capital may be exploring the creation of exchange-traded funds (ETFs) related to specific assets or networks.

On November 13, 2024, Bloomberg Senior ETF Analyst Eric Balchunas mentioned that Canary submitted an HBAR ETF application, which will track the "native asset of the Hedera Network." It is currently unclear whether Canary Capital will submit an AXL ETF application, and further information will need to wait for official disclosure.

Comments

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01/26

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01/26
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