Canary Capital did not even exist when the Spot Bitcoin or even the funds quoted in Spot Rexchange were launched last year.
But the company quickly made a name in the business.
Founded only last October, Canary Capital has quickly expelled several applications for cryptographic ETF, including those of Solana (Sol), XRP (XRP), Litecoin (LTC) and Heder (HBAR), the last two being the first two ETF applications of their gentle.
From the outside, it seemed that the company had everything perfectly planned.
“We really had no idea that we would return to the ETF game,” said Steve McClurg, founder and CEO of Canary Capital.
Your name may sound familiar to some. McClurg co -founded and served as Investment Director at Valkyrie Investments, an alternative asset manager who in March 2024 was acquired by Coinshares.
After about six months in Coinshares, McClurg left the ETF supplier to start Canary Capital as a coverage fund, an idea that he had been working during his time in Valkyrie.
“Essentially, what happened was […] There was an attempt to murder against Trump, the markets joined around him, the policy recovered around him, and we began to think, well, he could actually win, “McClurg recalled.
“If you win, then there will be changes in the regulatory agencies and other cryptographic ETFs will be approved, then why do we not present some ETF and see what happens”?
Since the investors had already launched and well received the ETFs of Bitcoin and Ethereum, the investors, Canary decided to transmit those assets. On the other hand, they looked below on the list of the 20 main tokens for market capitalization, specifically those who believed that were not values, ultimately, deciding to request LTC, HBAR and XRP ETF. The XRP movement was a speculation that cryptography would be considered a non -security in court, which was.
None of Canary Capital’s requests has been approved yet by the stock exchange and securities commission. Several presentations of ETF of Solana had been denied, or not recognized by the SEC, under the leadership of the previous agency in 2024.
However, after the inauguration of Trump, CBOE BZX Exchange again sent 19B-4 documents for Sol vehicles, hoping to obtain an approval under the new administration. The SEC is required to respond to the new presentations within the next 45 days or, if officially delayed, 240 days.
Canary has also presented a 19B-4 for its ETF Litecoin, which requires a SEC response on February 29.
Canary Capital has not yet presented 19B-4S for its ETF XRP and Hbar. While an S-1 is considered a first step to launch an ETF, it is not processable if it is not followed by a 19B-4, which is required to inform the SEC of a rule change proposed by an self-regulating entity, as an exchange .
McClurg described Canary’s efforts as a purchase option for Trump to win the presidency.
“Interestingly, it worked,” he said.
As for the future, the company currently has no plans to launch more ETF, McClurg said, but does not rule out that he could see the potential in other chips in the future.
