Canary Capital Unveils New AXL Trust for Institutional Investors
Canary Capital has introduced the Canary AXL Trust, a private investment vehicle for accredited investors. This trust focuses on AXL, the native token of the Axelar Network. After the announcement, AXLS price surged by 12.5%.
the AXL Trust is designed to give institutional investors a chance to diversify beyond Bitcoin and Ethereum. It’s a single-asset vehicle that holds AXL tokens. Canary Capital chose Coinbase as the custodian for this trust.
AXL’s price spiked to nearly 13% post-launch. It’s now trading at $0.50, with a 24-hour trading volume of over $43 million. This marks a 218.3% increase from the previous day. The token has a market cap of $460 million and a fully diluted valuation of $596 million.
AXL serves multiple purposes. It’s used for governance, transaction fees, and staking rewards. CEO Steven McClurg said they chose AXL as Axelar is a leader in Web3 interoperability.
McClurg added, “We’re committed to providing secure and innovative investment vehicles for the growing demand for crypto exposure.”
Axelar Network is a cross-chain protocol linked to Ripple’s RLUSD. It acts as a bridge between XRP Ledger and Ethereum Virtual Machine. In 2024, the network saw a 71% increase in active users and a $10 billion transaction volume.
Canary Capital also launched the first U.S. HBAR Trust in October 2024, based on the Hedera network’s native token.
