Emre Yumlu 
Canary Capital launched the Canary AXL Trust to provide institutional investors access to Axelar’s AXL token. Following the announcement, AXL increased by 12.5%.
Canary Capital Launches AXL Trust for Institutional Investors, AXL Token Jumps 12.5%
Canary Capital has launched the Canary AXL Trust for institutional investors to gain exposure to Axelar Network’s native token, AXL. This private investment vehicle is designed solely to hold AXL, with Coinbase appointed as the official custodian for the AXL Trust.
The newly launched Canary AXL Trust is available exclusively to accredited investors, providing them with the opportunity to invest in other crypto assets beyond Bitcoin and Ethereum, specifically the AXL token. Additionally, Canary Capital offers digital asset investment strategies and hedge fund solutions for institutional clients.
Immediately following the launch of the Canary AXL Trust, the AXL token saw a 13% increase.
The market capitalization of the AXL token stands at $460 million, with a fully diluted valuation of over $596 million. The circulating supply of AXL is approximately 918 million. AXL is used not only as a governance token but also for paying transaction fees, staking, and earning rewards when delegated to validator staking pools.
Steven McClurg, CEO of Canary Capital, explained that the firm chose AXL as the underlying asset for this trust due to the Axelar network being a driving force behind many of the most advanced interoperability solutions in Web3.
In his statement, McClurg said, “As institutional demand for crypto exposure grows, we remain committed to offering structured, secure, and innovative investment vehicles that align with the future of blockchain adoption.”
Axelar Network Continues to Grow, Canary Capital Launches HBAR Trust
Axelar Network, a cross-chain protocol closely linked to Ripple’s stablecoin RLUSD, serves as a bridge between XRP Ledger and the XRP Ledger Ethereum Virtual Machine. The protocol experienced significant growth in 2024, with a 71% increase in active users and a transaction volume reaching $10 billion.
By early 2025, Axelar became the 11th largest blockchain network by total value locked (TVL), surpassing $1 billion for the first time.
In October 2024, Canary Capital launched the first HBAR Trust in the U.S., based on the native token of the Hedera network, HBAR. This trust provides U.S. investors with a structured way to invest in HBAR.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.