- Canary Capital Group has filed to launch the Canary American-Made Crypto ETF (MRCA) with the U.S. Securities and Exchange Commission (SEC).
- The ETF plans to track an index made up of cryptocurrencies created, mined, or primarily operated in the United States.
- The fund will only include tokens meeting strict custody, liquidity, and trading requirements, excluding stablecoins, memecoins, and pegged tokens, and will rebalance quarterly.
- The SEC is continuing to delay decisions on crypto ETFs, including those from Canary and other firms, despite recent policy shifts toward digital assets.
- The ETF will not use leverage or derivatives and will use a South Dakota trust company for custody, with most assets kept in cold storage.
Canary Capital Group, a U.S. digital asset investment firm, has filed with the Securities and Exchange Commission (SEC) to launch a new exchange-traded fund, the Canary American-Made Crypto ETF (MRCA). The proposed ETF aims to track an index composed of cryptocurrencies that are made, mined, or primarily operated in the United States, with its shares set to trade on the Cboe BZX Exchange under the ticker MRCA.
According to the filing, the fund will only include cryptocurrencies that meet strict criteria. Assets must be eligible for custody by a regulated U.S. trust or bank, have a certain minimum liquidity level, and be traded on several established venues. The ETF will also stake its proof-of-stake assets through third-party providers and add any staking rewards to the fund’s value.
The index, named the “Made-in-America Blockchain Index,” will not include stablecoins, memecoins, or tokens pegged to other assets. The index will undergo rebalancing every quarter. Examples of likely projects to be included are XRP, Solana, Dogecoin, Cardano, ChainLink, and Stellar, as identified in Coinmarketcap’s Top Made in America Tokens by Market Cap index.
The trust is designed to give direct exposure to the underlying crypto assets without using leverage or derivatives. Custody of assets will be managed by a South Dakota-chartered trust company, with the majority of assets kept in cold storage for security.
Canary Capital Group has filed for several other crypto-focused ETFs, including a Trump Coin ETF tied to a memecoin, and funds tracking Solana (SOL), XRP, Sui, and TRX. All of these are currently awaiting SEC review.
This filing comes after shifts in U.S. crypto regulation. Former SEC Commissioner Paul Atkins launched “Project Crypto” to help the SEC set clear guidelines for digital assets. On August 5, the SEC clarified that certain liquid staking arrangements are not covered by securities laws, potentially allowing staking-based ETFs such as Canary’s.
Despite some moves toward clarity, the SEC continues to delay decisions on crypto ETF approvals. The agency recently postponed decisions on applications from NYSE Arca, 21Shares, and Bitwise, with new review deadlines set throughout October 2025. The SEC also delayed its decision on the WisdomTree XRP Fund and the Canary PENGU ETF, moving their deadlines to late 2025.
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