Canary Files ‘American-Made Crypto ETF,’ Could Hold XRP, SOL, and ADA

Asset manager Canary Capital has made another crypto-related filing with the U.S. Securities and Exchange Commission (SEC). This time, the firm has filed for an ‘American-Made Crypto ETF,’ which will centre around coins with ties to the U.S., which could include XRP, SOL, and ADA.

Canary Capital Files S-1 For American-Made Crypto ETF

An SEC filing shows that the asset manager has filed the S-1 for this crypto ETF. As noted in the filing, the fund will trade on the Cboe BZX Exchange, meaning that the exchange is likely to file a 19b-4 to list and trade shares of this fund soon.

Furthermore, the American-Made Crypto ETF will invest in a portfolio of crypto assets that tracks the Made-in-America Blockchain Index. This index will focus on crypto assets that originate in the U.S., coins where the majority of their supply is minted in the U.S. through their native validation mechanism, and ones where the majority of the protocol’s operations are in the U.S.

The asset manager didn’t provide details of who the fund’s custodian will be, while CSC Delaware Trust Company will be the fund’s trustee. Meanwhile, Canary indicated that the trust may seek to generate rewards, likely through staking, by validating transactions on the respective networks corresponding to the portfolio crypto assets.

The American-Made Crypto ETF represents the latest in a long list of crypto funds that the asset manager is looking to offer. Canary already has pending applications for an XRP, Litecoin, Hedera, PENGU, and Injective ETFs with the Commission. It is also likely to file for a Trump Coin ETF, having registered it in Delaware.

Market Expert Comments On Filing

In an X post, Bloomberg analyst Eric Balchunas commented on the Canary American-Made Crypto ETF filing. He noted how the fund will hold only coins that meet the criteria listed by the asset manager in the filing.

New filing for Canary American-Made Crypto ETF, a spot product that will hold only coins invented in U.S., are majority mined in U.S. or have majority of operations in U.S. 🇺🇸 As we’ve predicted, thx to category’s success, get ready for ETFs to try every combo imaginable. pic.twitter.com/8KqovVtgeF
— Eric Balchunas (@EricBalchunas) August 25, 2025

Furthermore, he stated that, as they predicted, there is likely to be a flurry of every combination imaginable thanks to the success that current crypto ETFs have enjoyed.

Meanwhile, Balchunas admitted that he is not entirely sure which coins would make it into the fund and which wouldn’t. He suggested that it would likely only be the major coins by market cap, which have ties to the U.S.

Coins like XRP, Solana, and Cardano meet the three criteria that Canary listed for its American-Made Crypto ETF. If the fund holds XRP, it will be the Canary’s second spot product that provides exposure to XRP. The asset manager recently filed an amended S-1 for its XRP ETF, although the SEC delayed its decision on till October.

Meanwhile, the Bloomberg analyst then questioned whether Bitcoin originated in the U.S. Although BTC might not meet the Origin criteria, the majority of its supply originated from the U.S., since most miners are based in the country.