Canary’s ‘American-Made Crypto ETF’ Targets US Tokens Like UNI, SOL

- Canary Capital proposes a spot "American-Made Crypto ETF." - Grayscale Investments seeks to convert its Avalanche Fund into a publicly traded ETF. On August 25, 2025, Cryptopolitan reported that recent cryptocurrency exchange-traded fund (ETF) filings suggest growing institutional interest in digital assets. These developments reflect a broader trend of innovation in the ETF market, as firms aim to widen the scope of assets available to investors. Canary Capital submitted an application for its "American-Made Crypto ETF." The fund focuses on cryptocurrencies developed, mined, or having operations based in the United States. It plans to trade on the Cboe BZX Exchange under the ticker "MRCA" and will track the "Made-in-America Blockchain Index." This index could potentially include tokens like Uniswap (UNI), Chainlink (LINK), and Solana (SOL). According to the filing, the ETF may also use staking to generate additional returns. Alongside this proposal, Canary Capital resubmitted its application to launch a spot XRP ETF. This move follows the recent resolution of the SEC’s legal battle with Ripple. If approved, this ETF would directly hold XRP as its underlying asset, which could pave the way for enhanced institutional and retail adoption of XRP. Meanwhile, Grayscale Investments filed to convert its private Avalanche Fund into a publicly traded spot ETF. The company expects it to trade on the Nasdaq under the ticker "AVAX." This move aims to provide investors with broader access to the Avalanche (AVAX) ecosystem. These filings illustrate continued momentum in the crypto ETF market as firms seek diverse opportunities to meet growing demand. Bloomberg Senior ETF analyst Eric Balchunas observed that the success of existing crypto ETFs has driven innovation, including more varied fund concepts. However, analysts pointed out uncertainties about the specific tokens the "American-Made" ETF will include. According to market data on August 25 at 19:09 UTC: * XRP is trading at $2.953, down 5.12% in 24 hours. * Solana (SOL) is trading at $196.052, down 7.066%. * Chainlink (LINK) is trading at $24.25, down 8.525%. * Uniswap (UNI) is trading at $9.951, down 12.648%.