Canary Capital has submitted a filing with the U.S. Securities and Exchange Commission (SEC) on August 25, 2025, proposing the launch of an American-made cryptocurrency exchange-traded fund (ETF) under the ticker MRCA. This ETF is designed to exclusively invest in cryptocurrencies that are either created, mined, or mainly operated within the United States, reflecting a strategic emphasis on domestic digital assets. Shares of this fund are intended to trade on the Cboe BZX exchange, offering investors direct exposure to these assets without employing leverage or derivatives, which helps contain risk and maintain transparency in portfolio composition.
The ETF will track the Made-in-America Blockchain Index, a benchmark constructed with stringent eligibility criteria to ensure alignment with the fund’s domestic focus. To qualify, tokens must demonstrate significant U.S. operational presence, including development, mining, or management primarily based in the country. Additionally, these tokens must be custody-eligible with regulated U.S. trust companies or banks and exhibit sufficient liquidity across multiple recognized trading venues. The index will undergo quarterly rebalancing to maintain compliance with these standards, thereby adapting to market dynamics and asset eligibility changes. The SEC’s approval timeline for such crypto ETFs is anticipated around October 2025, underscoring the regulatory importance of Canary’s filing.
Among the prospective assets for inclusion are XRP, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), and Stellar (XLM). XRP’s consideration stems from Ripple’s San Francisco headquarters and American development origins. The fund excludes stablecoins, most memecoins except those with political themes, and pegged tokens, emphasizing projects with substantial U.S. operational footprints. Algorand and Litecoin, noted for their U.S. connections, are also under consideration, reflecting the fund’s broad yet selective scope.
Custody arrangements involve a South Dakota-chartered trust company, with assets primarily stored in cold storage to enhance security. Canary’s broader risk management strategy incorporates discretionary oversight based on market trends and macroeconomic analysis, complemented by cash management in short-term U.S. treasuries to stabilize portfolios. This approach reflects a cautious balance between exposure to emerging crypto assets and risk mitigation.
Canary has concurrently filed for ETFs focusing on individual cryptocurrencies such as XRP, SOL, SUI, and TRX, all pending SEC review, alongside a politically themed Trump Coin (TRUMP) ETF tied to a Solana-based memecoin. This diverse filing strategy aligns with a regulatory environment increasingly favorable to crypto ETFs and demonstrates Canary’s intent to carve out specialized thematic products for U.S. investors interested in domestically rooted digital assets.
