Canary Capital Launches Canary AXL Trust

Canary Capital has launched the Canary AXL Trust for institutional investors, providing exposure to the Axelar native token, AXL, which jumped 12.5% following the announcement.

According to a press release, the Canary AXL Trust is a private, single-asset investment vehicle designed to hold AXL, the native token of the Axelar Network. Coinbase has been appointed as the official custodian for the trust.

The newly launched Canary AXL Trust is available exclusively to accredited investors, enabling them to explore other crypto assets beyond Bitcoin (BTC) and Ethereum (ETH), specifically the AXL token. Additionally, Canary Capital offers digital asset investment strategies, including hedge fund solutions for institutional clients.

Following the launch, the AXL token surged nearly 13%. Current trading data shows the Axelar token trading at $0.50, with a trading volume exceeding $43 million—a 218.3% increase compared to the previous day.

AXL Token Overview

The AXL token has a market cap of $460 million and a fully diluted valuation of over $596 million. The circulating supply of AXL is around 918 million. Besides serving as a governance token, AXL is also used for transaction fees within the network and for staking rewards.

Steven McClurg, CEO of Canary Capital, stated that AXL was chosen as the trust’s underlying asset because the Axelar Network provides some of the “most advanced interoperability solutions in Web3.” He emphasized the firm’s commitment to offer structured, secure, and innovative investment vehicles amid growing institutional demand for crypto exposure.

The Axelar Network is a cross-chain protocol linked to Ripple’s stablecoin, RLUSD. Axelar acts as a bridge between the XRP Ledger and the XRP Ledger Ethereum Virtual Machine. The protocol has experienced significant growth in 2024, indicated by a 71% increase in active users and a transaction volume hitting $10 billion.

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

Earlier in October 2024, Canary Capital launched the first HBAR Trust in the U.S., based on the native token of the Hedera Network, providing U.S. investors a structured investment opportunity in HBAR.

Disclosure: This article does not constitute investment advice. Content and materials featured are for educational purposes only.