Canary Capital Submits “American-Made” Crypto ETF While Waiting on SEC Decisions

Canary Capital Group Files for New Crypto ETF

Canary Capital Group, a digital asset investment firm in the United States, has submitted a filing to the Securities and Exchange Commission (SEC) to create the Canary American-Made Crypto ETF (MRCA).

The application, filed on Friday, outlines that the fund will monitor cryptocurrency indexes which are created, mined, or largely operated within the US. It aims to track stocks set to trade under the Ticker MRCA on Stock BZX. Additionally, the Trust intends to enhance its net asset value through proof holdings managed by a third-party provider.

The Blockchain Index for Americans imposes strict criteria for asset acceptance, requiring tokens to be custodied by a regulated US trust or bank.

Interestingly, stablecoins, memecoins, and pegged tokens are not permitted. The index will be reassessed every three months.

Related: Can Bitcoin ETFs Replace Bonds in Investment Portfolios?

This Trust will directly invest in these assets without the use of leverage or derivatives. Custody will be managed by the South Dakota Chartered Trust Company, keeping most assets in cold storage.

As per Coinmarketcap’s “Top Made American Token by Market Cap” index, potential projects that might be included could be XRP, Solana, Dogecoin, Cardano, Chainlink, Stellar, and others.

This submission follows another application for Canary’s Trump Coin ETF, which is linked to the cryptocurrency associated with former President Mimecoin. Canary has also sought ETFs connected to Solana, XRP, SUI, and TRX.

Related: SolanaSSKETF Surpasses $100 Million as Wall Street Embraces Crypto Staking

Changes in US Policy

The latest ETF proposal from Canary aligns with recent shifts in US cryptocurrency policy. In July, former SEC commissioner Paul Atkins initiated Project Crypto, aiming to clarify regulations surrounding US cryptocurrencies and tokenized assets.

On August 5, the SEC released a staff statement indicating that certain liquid staking arrangements would not be classified under securities law.

SEC Delays Decisions on Crypto ETFs

This month, the agency postponed decisions on several Crypto ETFs, including the NYSE Arca’s Truth Social Bitcoin and Ethereum ETFs, initially expected by October 8. The deadlines for the 21 share and Bitwise’s Solana ETFs have been pushed to October 16, while the 21 share core XRP trust is now set for October 19.

On Monday, the SEC extended the review for CBOE BZX Exchange’s proposed listing and trading of stocks in the WisdomTree XRP Fund, marking a new deadline for this product-based trusted ETF by October 24, 2025.

Additionally, the decision regarding Canary Pentev has been deferred until October 12, 2025.

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