Axelar Price Soars 14% as Canary Capital Files for First-Ever AXL ETF

• Axelar ETF filing signals growing institutional interest in Web3.
• AXL price jumps 14.3%, trading volume rises to $35.7M.
• Canary Capital pushes for more structured Axelar investment options.

Canary Capital has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for an Axelar (AXL) exchange-traded fund (ETF). This filing marks the first-ever attempt to launch an ETF based on AXL. The move is a major step toward institutional adoption of the Axelar Network’s technology.

Canary Files For AXL ETF, Price Soars

The filing, submitted on March 5, outlines that the ETF’s net asset value (NAV) will be based on the price of AXL. However, specific details such as the exchange for listing, the ticker symbol, and the custodian have not been disclosed. Canary Capital had previously introduced the Canary AXL Trust in February 2025, marking its first venture into structured AXL products. The  ETF represents an extension of these efforts.

Axelar’s advanced interoperability solutions in Web3 have drawn the attention of institutional investors. Canary Capital’s CEO, Steven McClurg, highlighted that AXL offers exposure to next-generation blockchain connectivity. The ETF proposal aims to further institutionalize Axelar’s blockchain solutions in the investment landscape and attract broader interest from market participants.

Following the announcement of the ETF filing, AXL’s price surged by 14.3%, reaching $0.44. The trading volume spiked to $35.7 million which represents a 131.8% increase from the previous day. Currently, Axelar holds a market capitalization of $405.5 million and ranks 174th on CoinGecko.

Canary Capital’s Crypto Based ETFs

The ETF filing also highlights Canary Capital’s broader ambitions within the crypto sector. The firm has previously submitted filings for ETFs tied to other popular altcoins such as Solana, XRP, and Litecoin. Canary Capital’s efforts signal the growing trend of institutional-level products within the cryptocurrency market, as many investors turn their focus to altcoins beyond Bitcoin and Ethereum.

However, several altcoins lack deep liquidity, making them vulnerable to volatility and price manipulation. Additionally, the absence of regulated futures markets for these assets adds complexity to the approval process. Market experts have expressed caution about the potential for these factors to slow down the demand for crypto ETFs.

Axelar Industry Partnerships

Axelar continues to expand its influence through key partnerships with major industry players like J.P. Morgan, Microsoft, Uniswap, and MetaMask. The network’s ability to enable seamless interoperability across multiple blockchain ecosystems has positioned it as a key player in decentralized finance. Axelar leverages support from top-tier investors such as Binance, Coinbase, and Galaxy to further solidify its presence in the market.

Axelar’s integration into the broader crypto market appears poised for further growth due to increased institutional interest. The firm’s recent hire of Brian Brooks, former Coinbase Chief Legal Officer, reflects its commitment to enhance regulatory compliance and foster deeper institutional relationships. Axelar’s continued push for regulatory clarity and its role in advancing blockchain interoperability signals a potential turning point for institutional adoption within Web3.