Canary Capital has submitted a filing with the U.S. Securities and Exchange Commission (SEC) for the Canary American-Made Crypto ETF, a spot-based exchange-traded fund designed to track the Made-in-America Blockchain Index. The ETF, which will trade under the ticker MRCA on the Cboe BZX Exchange upon approval, will exclusively hold cryptocurrencies that are either invented in the U.S., majority-mined in the U.S., or have the majority of their operations based in the United States.
The fund aims to provide regulated exposure to U.S.-centric digital assets, with a focus on domestic blockchain innovation and compliance. It will hold spot assets—not derivatives—and intends to generate additional yield through staking rewards by participating in network validation processes on the underlying blockchains. This approach allows investors to gain exposure without handling private keys or wallets, accessible via standard brokerage platforms.
Key constituents highlighted in the filing include Uniswap (UNI), developed in the U.S. and central to decentralized finance (DeFi); Chainlink (LINK), which provides decentralized oracle services and has strong U.S. operational ties; and Solana (SOL), known for its high-speed, scalable blockchain architecture developed by a U.S. team. These assets represent a combined market value exceeding $520 billion for U.S.-origin cryptocurrencies, according to industry estimates.
Bloomberg ETF analyst Eric Balchunas noted that this filing reflects a broader trend of fund managers exploring niche strategies to capture investor interest in crypto, stating, "As we’ve predicted, get ready for ETFs to try every combination imaginable." The filing coincides with other altcoin ETF proposals, such as Grayscale's application for an Avalanche Trust ETF, indicating a busy season for crypto fund applications awaiting SEC review.