Canary Capital Files for Crypto ETFs Following Political Developments
Canary Capital, founded in October 2023, has rapidly emerged in the crypto ETF market. The company has filed applications for ETFs targeting:
These filings represent the first ETF applications for Litecoin and Hedera. Founder Steve McClurg previously co-founded Valkyrie Investments, later joining CoinShares before launching Canary Capital.
The firm avoided popular assets like Bitcoin and Ethereum to focus on tokens perceived as non-securities. Their XRP filing was based on speculation regarding a court ruling that deemed it a non-security.
None of the ETF applications have yet been approved by the Securities and Exchange Commission (SEC). Previous applications for Solana ETFs were denied under earlier SEC leadership. However, recent submissions are pending a response within 45 days or 240 days if officially delayed.
McClurg views their strategy as a speculative bet on regulatory changes following political developments. Currently, there are no plans for additional ETF launches, though future opportunities may be considered.