Canary Capital Group Launches Trust For AXL Cryptocurrency, Enhancing Institutional Investment Opportunities
NASHVILLE, Tenn. – October 10, 2023 – Canary Capital Group LLC (“Canary Capital”), a prominent investment firm specializing in digital assets, has announced the launch of the Canary AXL Trust (“the Trust”). This new private investment vehicle is aimed at providing institutional and accredited investors with secure access to AXL, the native cryptocurrency of the Axelar Network. The introduction of this Trust marks a significant addition to Canary’s suite of investment opportunities, particularly focusing on blockchain interoperability.
Pioneering Blockchain Interoperability Investments
The Canary AXL Trust is notable for being the first investment trust to offer exposure to a general blockchain interoperability protocol, emphasizing Canary Capital’s commitment to innovation in the rapidly evolving digital asset landscape. As the demand for diverse cryptocurrency investments continues to rise, the Trust aims to meet the needs of institutional investors looking to explore beyond traditional offerings like Bitcoin and Ethereum.
Steven McClurg, Chief Executive Officer of Canary Capital, commented on the Trust’s significance, stating, “As interoperability continues to shape the blockchain ecosystem, Axelar is proving to be an essential infrastructure layer. With Axelar driving some of the most advanced interoperability solutions in Web3, we see in AXL a significant opportunity for institutional investors to gain exposure to the technology underpinning next-generation blockchain connectivity.”
Growth of the Axelar Network
The Axelar Network has rapidly established itself as a vital entity in the realm of Web3, offering a framework that securely connects various blockchain ecosystems. The Trust’s launch is timely, coinciding with substantial growth for Axelar, which reported a 71% increase in active users in 2024 and cumulative transaction volumes exceeding $10 billion. Furthermore, Axelar successfully integrated major institutional partners such as Apollo Global Management, Deutsche Bank, and J.P. Morgan. By early 2025, the Axelar Network ranked as the 11th largest blockchain network by total value locked, surpassing $1 billion for the first time.
Josh Olszewicz, Portfolio Manager at Canary Capital, emphasized the potential of Axelar’s technology, stating, “We believe in the long-term potential of Axelar’s technology and its role in enabling seamless cross-chain interactions, making AXL a compelling asset for forward-thinking investors.”
Details of the Canary AXL Trust
The Trust is designed specifically for accredited investors seeking direct exposure to AXL. As part of its commitment to security and transparency, Canary Capital has appointed Coinbase as the custodian for the Trust’s assets. The firm also offers various additional digital asset investment strategies, including tailor-made hedge fund solutions for institutional clients.
Regulatory Information and Investment Considerations
It’s important to note that this press release does not constitute an offer to sell or solicit any offer to buy securities in jurisdictions where such offers would be illegal. While Canary Capital intends to have shares of new products listed on a secondary market, there is no assurance that this will occur due to regulatory considerations. Investors are advised that they may face risks associated with holding shares, as the value may not reflect the underlying digital assets, and past performance is not indicative of future results.
About Canary Capital
Canary Capital is an investment management firm dedicated to integrating robust risk management, strategic foresight, and innovative thinking into its offerings. With a focus on private placement strategies such as crypto hedge fund solutions, the firm aims to lead the way in the evolving landscape of digital asset investments.
For more information on the Canary AXL Trust and other investment opportunities, please visit Canary Capital’s official website.
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