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Canary Capital launches AXL Trust as AXL price jumps

Canary Capital launches AXL Trust as AXL price jumps

GrafaGrafa2025/02/21 05:20
By:Liezl Gambe

Canary Capital Group LLC has launched the Canary AXL Trust, providing institutional and accredited investors exposure to AXL, the native cryptocurrency of the Axelar (CRYPTO:AXL).

The announcement on February 19, 2025, marks Canary Capital's first investment trust focused on blockchain interoperability.

The Canary AXL Trust is a private, single-asset investment vehicle designed to hold AXL.

Coinbase has been appointed as the official custodian for the AXL Trust.

According to Canary Capital CEO Steven McClurg, the firm sees "a significant opportunity for institutional investors to gain exposure to the technology underpinning next-generation blockchain connectivity."

The launch coincides with significant growth for the Axelar Network.

In 2024, Axelar saw a 71% increase in active users and cumulative transaction volume reaching $10 billion.

By early 2025, the Axelar Network became the 11th largest blockchain network by total value locked, surpassing $1 billion for the first time.

Following the announcement, the AXL token experienced a price increase.

The token has a market cap of $460 million and a fully diluted valuation of over $596 million.

Axelar's interoperability stack went live in October, enabling decentralised applications to connect with various blockchains, including Solana (CRYPTO:SOL), Stellar (CRYPTO:XLM), and Sui (CRYPTO:SUI).

Axelar's technology also allows developers to tokenise real-world assets, including real estate, commodities, and intellectual property.

Axelar has also formed institutional partnerships with Apollo Global Management, Deutsche Bank, and J.P. Morgan.

In addition, the U.S. Securities and Exchange Commission (SEC) is reviewing Nasdaq’s 19b-4 application for Canary Capital’s Litecoin (CRYPTO:LTC) ETF filing.

At the time of reporting, the Axelar (AXL) price was $0.4955.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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