Okay, picture this: Canary Capital. Didn’t exist when the bright and shiny bitcoin or ethereum ETFs hit the spotlight last year. Fast forward, and they’re all jazzed up and swinging through Wall Street like a seasoned pro.
Canary, birthed just last October, dove head-first into the crypto pool with splashy applications for crypto ETFs like Solana (SOL), XRP (XRP), Litecoin (LTC), and Hedera (HBAR). The buzz around the water cooler? Those latter two are absolute trailblazers in the ETF game.
Now, we all like to think things just happen perfectly by happenstance, but according to Steve McClurg, the mastermind behind Canary, it’s all kind of a fluke. Yeah, McClurg’s a familiar face, having co-founded Valkyrie Investments. That’s the same Valkyrie that CoinShares swept off its feet in March 2024.
After a short six-month stint at CoinShares, McClurg took the leap to conjure up Canary Capital. But get this, inspiration struck amid political chaos. An assassination attempt on Trump triggered a market rally. McClurg mused, "If Trump’s back in office, regulatory winds might shift, and hey, why not start filing ETFs!"
Cannily nimble, Canary skipped the bitcoin and ethereum bandwagon. Instead, they eyed the underdogs in the crypto top 20. The belief? Some aren’t securities. A bold move, especially with XRP, whose legal status hovered with suspense until a court nodded it wasn’t a security. More on XRP and its journey can be found at XRP’s Legal Saga.
Regulatory hurdles galore, right? The SEC isn’t handing out ETF approvals on a silver platter just yet. Solana’s faced the snub from the previous SEC regime in 2024. But post-Trump-nation’s inauguration, hopes dance back. The Cboe BZX Exchange nudged the SEC with new filings. Time’s ticking. The SEC’s got 45 days or, if they stretch, 240 days to spill the beans on those. Canary’s aiming to hear about their Litecoin ETF by Feb. 29.
McClurg calls Canary’s moves a bet on Trump—a quirky call option that weirdly paid off. The audacity!
As we peer into the future, Canary’s not fixated on rolling out more ETFs. But McClurg doesn’t say never. There’s always potential lurking in the cryptoscape’s alleyways.
Canary’s Crypto ETF Ventures:
Token | ETF Application Status | SEC Response Timeline |
---|---|---|
SOL | Under resubmission | 45 to 240 days recall |
LTC | Awaiting response | By February 29, next year |
XRP, HBAR | S-1 filed, 19b-4 pending | Unclear, future filing possible |
While they might not have cracked the SEC’s code yet, Canary Capital’s curiosity could unveil the next ETF sensation. Hey, if they cracked that White House code, who’s to say what they might orchestrate next?
Curious about where Canary is headed next? Well, keep those binoculars trained on the crypto ETF landscape and stay tuned. There might just be a plot twist yet.