Canary Capital has filed for a new spot ETF that would hold only U.S.-created or U.S.-operated cryptocurrencies.
Leading crypto fund manager Canary Capital has officially filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) to launch a first-of-its-kind “American-Made Crypto ETF.”
The spot ETF would exclusively hold cryptocurrencies that were either invented in the United States, primarily mined domestically, or have the majority of their operations based in the U.S.
New filing for Canary American-Made Crypto ETF, a spot product that will hold only coins invented in U.S., are majority mined in U.S. or have majority of operations in U.S. 🇺🇸 As we’ve predicted, thx to category’s success, get ready for ETFs to try every combo imaginable. pic.twitter.com/8KqovVtgeF
— Eric Balchunas (@EricBalchunas) August 25, 2025
It is important to note that this filing represents only the Form S-1 stage. For trading approval, an exchange would still need to file a 19b-4 with the SEC.
Meanwhile, the regulator has continued delaying rulings on several high-profile crypto ETFs, with decisions now pushed into October.
Trump’s Strategic Push for U.S. Crypto
The filing comes amid growing political momentum for domestically rooted crypto tokens. Earlier this year, President Donald Trump said that if crypto is the future, he wants it “mined, minted, and made in the U.S.A.”
In January, he announced a Strategic Crypto Reserve, which included the U.S.-based tokens such as Solana (SOL), Cardano (ADA), and XRP, alongside Bitcoin (BTC) and Ethereum (ETH).
Prominent ETF analyst Eric Balchunas commented on the filing, telling the community to “get ready for ETFs to try every combo imaginable.” He admitted that even he is not entirely sure which tokens would qualify under such a framework.
I’m not even totally sure what would make it in this and what wouldn’t. Maybe easier to ask: what major coins wouldn’t be in for sure?
— Eric Balchunas (@EricBalchunas) August 25, 2025
Among the likely candidates are XRP XRP $2.82 24h volatility: 0.3% Market cap: $168.60 B Vol. 24h: $4.70 B (developed by Ripple Labs in San Francisco), Solana SOL $219.8 24h volatility: 0.9% Market cap: $120.06 B Vol. 24h: $6.92 B from the U.S.-based Solana Labs, Litecoin LTC $130.6 24h volatility: 12.1% Market cap: $9.97 B Vol. 24h: $2.02 B created by Charlie Lee in the U.S., Algorand ALGO $0.22 24h volatility: 2.2% Market cap: $1.94 B Vol. 24h: $89.51 M founded by MIT professor Silvio Micali, and Chainlink LINK $22.60 24h volatility: 4.1% Market cap: $15.32 B Vol. 24h: $944.36 M .
While global, Cardano ADA $0.81 24h volatility: 0.9% Market cap: $29.75 B Vol. 24h: $1.32 B also has strong U.S. ties and was even included in Trump’s national crypto reserve.
The newly-listed fund might also include new crypto tokens like the president’s own meme coin.
Bitcoin BTC $121 426 24h volatility: 0.3% Market cap: $2.42 T Vol. 24h: $71.95 B was not invented in the U.S. However, it could still be a part of the ETF as the country is home to nearly 38% of global mining operations.
Similarly, Ethereum ETH $4 332 24h volatility: 0.1% Market cap: $522.36 B Vol. 24h: $37.88 B was launched in 2015 by Vitalik Buterin and a global team of co-founders but was also a part of Trump’s national crypto reserve.
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