Oh, what a hoot! Canary Capital has laid an egg of a different color, introducing the Canary AXL Trust to the institutional investor coop. And guess what? The AXL token took flight, soaring 12.5% after the chirping began.
In a squawk that could be heard ’round the financial nest, Canary announced that their shiny new AXL Trust is a cozy, one-egg nest for the AXL (AXL) token of Axelar Network. And who’s been trusted to guard this golden egg? None other than Coinbase, the henhouse hero of crypto custodianship.
This exclusive AXL trust is a pecking order affair, open only to the fanciest of investors, giving them a peep at crypto beyond the usual Bitcoin (BTC) and Ethereum (ETH) suspects. Canary Capital is also known for its cunning strategies, offering hedge fund solutions that would make a fox blush.
As soon as Canary Capital cracked open the AXL Trust, the AXL token flapped its wings and shot up nearly 13%. According to crypto.news, the Axelar token is currently fluttering around at $0.50. In just a day, it’s ruffled enough feathers to accumulate a trading volume of over $43 million, a 218.3% increase from the previous day’s squabbles.
The AXL token boasts a market cap of $460 million and a fully diluted valuation of more than $596 million. There are about 918 million AXL tokens circulating around, used for everything from governance to paying network fees, and even staking for rewards in validator staking pools. A real multitasker, this one!
Steven McClurg, the head honcho at Canary Capital, cawed that they chose AXL because the Axelar network is the bee’s knees of Web3 interoperability. “As institutional demand for crypto exposure grows,” McClurg squawked, “we’re here to provide investment vehicles that are as secure as a turtle in its shell and as innovative as a bird building a nest out of spaghetti.”
The Axelar Network, a bridge between XRP Ledger and the XRP Ledger Ethereum Virtual Machine, has seen a nesting frenzy, with a 71% increase in active users and a transaction volume that’s soared to $10 billion.
In early 2025, Axelar flapped its wings and became the 11th largest blockchain network by total value locked, cracking the $1 billion milestone for the first time. Not too shabby for a bird that’s just left the nest!
Last autumn, Canary Capital introduced the first HBAR Trust in the U.S., giving investors a structured nest egg in the form of the Hedera network’s native token. A real feather in their cap, that one!
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2025-02-20 11:16