Axelar Token Jumps 15% Following Canary Capital’s ETF Filing
Canary Capital has officially submitted an S-1 filing to the U.S. Securities and Exchange Commission (SEC) for an Axelar (AXL) exchange-traded fund (ETF). If approved, this would mark the first-ever ETF for Axelar’s native token, opening the doors for broader institutional investment.
Following the announcement, AXL’s price surged 15%, hitting $0.44 before stabilizing. The news has fueled speculation that the ETF could drive increased demand for AXL, with traders closely monitoring the SEC’s next move.
Axelar Expands Cross-Chain Interoperability
Axelar is revolutionizing blockchain interoperability by seamlessly connecting major networks such as Ethereum, Arbitrum, and Optimism. The platform enables smooth asset transfers and cross-chain communication, making it a key player in the evolving DeFi landscape.
High-profile partnerships with companies like J.P. Morgan, Microsoft, Uniswap, and MetaMask have further solidified Axelar’s position in the industry. Sergey Gorbunov, Axelar’s co-founder, has emphasized the importance of regulatory clarity in driving institutional adoption, stating that compliance will play a crucial role in integrating blockchain with mainstream finance.
Axelar’s Institutional Backing & TVL Growth
Axelar has secured8 investments from major industry players, including Binance, Coinbase Ventures, Dragonfly Capital, and Polychain. This strong backing reflects confidence in the project’s long-term potential.
The network has surpassed $1 billion in total value locked (TVL), a key metric showcasing growing adoption. This milestone highlights increasing trust in Axelar’s cross-chain solutions among both retail and institutional investors.
Adding further credibility, Axelar has brought in Brian Brooks, a well-respected figure in the crypto and regulatory space. His expertise in financial and legal matters is expected to support the platform’s expansion and institutional adoption.
Crypto ETFs on the Rise: Canary Capital Leads the Charge
Crypto-based ETFs are gaining momentum, with Canary Capital aggressively pushing for multiple altcoin ETFs, including Solana (SOL), XRP, and Litecoin (LTC). Recently, the firm’s Litecoin ETF was listed on the Depository Trust & Clearing Corporation (DTCC) platform under the ticker LTCC, fueling speculation that regulatory approval could be imminent.
With Bitcoin and Ethereum ETFs already paving the way, the rising number of filings suggests strong institutional interest in regulated crypto investment products. As the crypto ETF landscape evolves, projects like Axelar are well-positioned to benefit from increased mainstream adoption.
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