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:

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.

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Alright, gather ’round New Yorkers, here’s the scoop on the latest Wall Street shuffle. On a Tuesday morning, U.S. stocks are doing a little dance—more like drifting—kinda like that fog over the East River. This slowdown is a result of the frenzied “Trump trade” coming to a halt after Mr. Donald Trump’s grand win in the presidential arena.

Out of the gate in early trading, the S&P 500 nudged up by a meager 0.1%, setting records while staying calm. The Dow Jones threw a bit more muscle, rising by 70 points or 0.2%, and meanwhile, the Nasdaq kinda lounged, barely moving. If ‘yo golden Trump’s tax cuts and such sound like a melody to the economy’s growth, then you’re seeing why stocks have been jigging all the way uptown. But slower economic beats have been cast into the mix, leading to bigger government debt and that pesky inflation that everyone loves to hate.

Now, smaller stocks? Yeah, they’ve been jazzing but gave up some big gains. Look at the Russell 2000 slipping by 0.4%. Even Tesla wasn’t immune, with Elon Musk’s enterprise dropping 2.4%—its first dip post the Election Day buzz last week. Meanwhile, Trump Media & Technology took quite a tumble, falling 6.6% along with the candidate’s brash buzz.

But hold your horses; there’s a bright side on the ticker tape. Live Nation Entertainment hit a high note, joining a list of U.S. titans reporting profits that gave analysts goosebumps. Concert fans, apparently undeterred by economic worries, are shelling out cash to see their idols live. The likes of Coldplay and others have already sparked enthusiasm for their 2025 stadium gigs. Watch their stock; it jumped 4.7%, showing no signs of slowing down.

Meanwhile, Tyson Foods strutted like it owned the joint, climbing a robust 8.1% after outshining analysts’ financial forecasts. They’re slinging beef, chicken, and pork like it’s nobody’s business. And here’s a juicy tidbit—a dividend boost to appease all the investors watching from the wings.

Representing the home front, Home Depot scored a modest bump of 0.3%. Beating profit expectations is becoming a regular thing for them, even as consumers are pinching pennies these days.

In a world of ones and zeroes, Bitcoin did its bitcoin thing. It soared to a jaw-dropping height before cooling its heels a bit. The slings and arrows of the crypto world showed as Bitcoin peaked at $89,995—thank you, CoinDesk—only to retreat towards $85,000. For some context, the digital currency started the year chilling below $43,000. Gotta love a rollercoaster, right?

Meanwhile, down in bond land, Treasury yields took a leap. After a long weekend honoring veterans, U.S. government bonds came back to life. The return saw the yield on the 10-year Treasury climbing to 4.38% from last Friday’s 4.31%. The U.S. economy’s vitality is surprising some folks. The Federal Reserve’s rate cuts are cushioning the dynamic duo of jobs and inflation, nudging inflation tantalizingly close to their 2% aim. This vitality got a pinch of pizzazz, thanks to Trump’s tariff talk and the qualms about future debt expansion—not to mention the economy’s buoyancy.

Folks tweaking their crystal balls on Fed rate cuts should start rethinking. Slashing rates might be good for the economy, but it sure can liven up inflation. Who knew patience would become a virtue on Wall Street?

Across the pond, and far eastwards, a grim chorus. European and Asian markets took dips. Our friends in Hong Kong, with their Hang Seng*, loomed large with a 2.8% plunge. Yes, folks, that index closed below 20,000 for the first time since China tossed a stimulus package to the winds back in September. Rough seas ahead may be expected.

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Reporting with contributions from the biz brains at AP, Yuri Kageyama among them.

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