Canary Capital has launched the Canary AXL Trust for institutional investors to gain exposure to the Axelar native token, AXL, which jumped 12.5% after the news.
According to the press release, the Canary AXL Trust is meant to be a private, single-asset investment vehicle designed to hold AXL (AXL), the native token of Axelar Network. Canary has appointed Coinbase as the official custodian for the AXL Trust.
The newly launched Canary AXL trust is available exclusively to accredited investors and grants them the chance to explore other crypto assets beyond Bitcoin (BTC) and Ethereum (ETH), specifically the AXL token. In addition, Canary Capital also offers digital asset investment strategies, such as hedge fund solutions for institutional clients.
Shortly after the launch of Canary Capital’s AXL Trust, the AXL token spiked by nearly 13%. According to data from crypto.news, the Axelar token is currently trading hands at $0.50. In the past 24 hours, the token has accumulated a trading volume of over $43 million, a 218.3% increase compared to the previous day.
Price chart for AXL after the launch of Canary’s AXL trus, February 20, 2025 | Source: crypto.news
You might also like: Axelar price surges amid new Ripple partnership
AXL has a market cap of $460 million and a fully diluted valuation of more than $596 million. The token currently has a circulating supply of around 918 million AXL. Aside from being used as a governance token, AXL is also used to pay for transaction fees within the network, as well as for staking and receiving rewards when delegated to validator staking pools.
CEO of Canary Capital, Steven McClurg, said the firm chose AXL as the underlying asset for this trust because the Axelar network has been a driving force for “most advanced interoperability solutions in Web3.”
“As institutional demand for crypto exposure grows, we remain committed to providing structured, secure, and innovative investment vehicles that align with the future of blockchain adoption,” said McClurg in a statement.
The Axelar Network is a cross-chain protocol that is closely linked to Ripple’s stablecoin, RLUSD (RLUSD). Axelar acts as the connecting bridge between XRP Ledger and the XRP Ledger Ethereum Virtual Machine. The protocol has seen massive growth in 2024, with a 71% increase in active users and a transaction volume that reached $10 billion.
In early 2025, Axelar grew to be the 11th largest blockchain network by total value locked, surpassing $1 billion for the first time
In October 2024, Canary Capital had launched the first HBAR Trust in the U.S, basing the trust on the native token of the Hedera network. The trust gives U.S. investors a structured way to invest in HBAR.
Read more: Canary Capital launches first U.S. HBAR Trust for institutional investors
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
