XRP, Solana, and AVAX Secure Spots in New ’American-Made Crypto ETF’ as Canary Files Updated S-1

Wall Street's crypto embrace tightens. A fresh, U.S.-domiciled exchange-traded fund is taking shape—and its initial roster reads like a who's who of altcoin heavyweights.

The New Contender Arrives

Canary Capital's updated S-1 filing with the SEC signals a launch is imminent. The fund's structure bypasses the spot Bitcoin and Ethereum focus of its predecessors, opting instead for a diversified basket of major digital assets. It's a direct play for investor appetite looking beyond the two crypto giants.

The Chosen Few

XRP, Solana (SOL), and Avalanche (AVAX) landed the inaugural slots. Their inclusion isn't random. Each represents a distinct blockchain narrative: payments, high-speed smart contracts, and scalable decentralized finance. The selection committee—presumably a group of analysts who've never actually used a decentralized app—seems to have gone for brand recognition and market cap over pure technological novelty.

Why This ETF Matters

This fund cuts through the regulatory fog for traditional investors. Buying a share in this ETF means gaining exposure to these specific crypto assets without navigating unregulated exchanges or setting up a digital wallet. It's convenience, packaged with a healthy dose of Wall Street's favorite ingredient: fees.

The Bigger Picture

Another day, another vehicle to funnel mainstream capital into crypto. While purists scoff at the centralization, the market votes with its wallet. More regulated products mean more institutional dollars—potentially fueling the next leg up for the entire sector. Just remember, when finance gets friendly with innovation, it's usually because it found a way to take a cut.

Canary Funds has filed an amended S-1 with the U.S. Securities and Exchange Commission, revealing the confirmed lineup for its upcoming American-Made crypto ETF. The product tracks the CoinDesk Made-in-America Index, an index built around crypto assets with U.S.-based foundations, teams or mining activity. The updated filing provides the clearest picture yet of what assets will be included when the ETF launches.

What the Updated Filing Reveals

The amended filing, submitted on December 1, outlines how the ETF will operate, its regulatory classification and the assets it intends to hold. The CoinDesk Made-in-America Index now reflects the SEC’s new generic listing standards, which restrict the types of crypto assets that can be included in exchange-listed portfolios. As a result, the index now features only assets that meet those tightened requirements.

As of November 26, the index includes eight cryptocurrencies: HBAR, AVAX, BTC, LINK, LTC, SOL, XLM and XRP. Each asset is weighted by market capitalization but cannot exceed a 20 percent allocation, with a minimum floor of one percent.

Why These Specific Assets Are Included

CoinDesk Indices selected assets that demonstrate a verifiable connection to U.S. operations. Qualifying characteristics include a U.S.-based management team, headquarters, foundation or, in the case of proof-of-work tokens, at least 25% of blocks mined by U.S. operators. The index also excludes memecoins and tokens that cannot clear the exchange’s listing criteria, narrowing the pool significantly.

This framework allowed large-cap assets like Bitcoin, Solana, XRP and Avalanche to remain in the index, while others previously considered did not qualify under the new rules.

How the ETF Will Work

According to the filing, the American-Made Crypto ETF will operate as an exchange-traded product listed on Cboe BZX under the ticker MRCA. It will issue and redeem shares in large blocks through authorized participants. These participants will deliver either cash or crypto to acquire baskets of shares, and redemptions will be processed similarly.

Index Objective and Secondary Staking Rewards

The ETF’s primary objective is to mirror the performance of the Made-in-America Index. A secondary objective, noted in the filing, is to capture network rewards, such as staking or transaction validation income, when available on supported assets. This is not guaranteed but could offer an additional source of yield.