Canary Capital did not even exist when the Bitcoin spot or even the Rexchange ethe negotiated funds launched last year.
But the company quickly made a name for itself in the company.
Founded last October, Canary Capital quickly expelled several applications for ETF Crypto, including those of Solana (Sol), XRP (XRP), Litecoin (LTC) and Hedera (Hbar), the last two being the first ETF applications ETF applications of their kind.
From the outside, it seemed that the company had planned everything perfectly.
“We really did not know that we will resume the game ETF,” said Steve McClurg, founder and CEO of Canary Capital.
His name may seem familiar to some. McClurg co -founded and was investment director at Valkyrie Investments, another asset manager who, in March 2024, was acquired by Coinshares.
After about six months in Coinshares, McClurg left the supplier ETF to start Canary Capital as a hedge fund, an idea on which he had worked during his stay in Valkyrie.
“Essentially what happened […] There was an assassination attempt on Trump, the markets rallied, politics joined, and we started to think, well, he could really win, “recalls McClurg.
“If he wins, there will be changes in regulatory agencies and it is probably likely that other Crypto ETFs will be approved, so why don’t we deposit certain ETFs and see what’s going on.”
Given that the Bitcoin and Ethereum and Ethereum spots had already been launched and welcomed by investors, Canary has decided to transmit these assets. Instead, they looked below on the list of the 20 best tokens by market capitalization, in particular those who, according to them, were not titles, finally deciding to deposit for LTC, Hbar and XRP ETF. The XRP movement was speculation that the crypto would be considered non -security in court – which was.
None of the Canary Capital requests have yet been approved by the Securities and Exchange Commission. Several SOLANA ETF deposits had been refused – or not recognized by the SEC – under the direction of the previous agency in 2024.
After the inauguration of Trump, however, CBOE BZX Exchange submitted 19B-4 documents for soil vehicles, in the hope of obtaining approval under the new administration. The dry is required to respond to new submissions within the next 45 days or, if it is officially delayed, 240 days.
Canary also submitted a 19B-4 for Son Etf Litecoin, which requires a response from the SEC on February 29.
Canary Capital has not yet deposited 19B-4 for his ETF XRP and Hbar. Although an S-1 is considered a first step to launch an ETF, it cannot be exploitable if it is not followed by a 19B-4, which is necessary to inform the dry of a change of rule proposed by an self -regulation entity, such as an exchange.
McClurg has described Canary efforts as a Trump call option winning the presidency.
“Curiously, it worked,” he said.
As for the future, the company does not currently intend to launch more ETF, said McClurg, but does not exclude that it could see the potential in other tokens in the future.
