Canary Capital has filed a proposal for a new spot ETF that focuses entirely on American-built digital assets. The fund would track what they’re calling the Made-in-America Blockchain Index, spotlighting tokens with strong ties to the United States. It’s a clear attempt to bring national identity into the increasingly global crypto landscape.
Only Tokens with U.S. Roots Make the Cut
To qualify for inclusion, a token must be created in the U.S., primarily mined or minted on American infrastructure, or operated by a team based in the country. It’s a tight filter that puts geographic origin and operational control at the center of index design. This is not just about where a token is traded but where it was built and who’s running it.
Canary Capital just filed for the Made in America Crypto ETF that will include tokens developed in the US.
Injective is one of the largest crypto networks Made in America today.$INJ is continuing to light the way forward
pic.twitter.com/0n8HXl8sn9
— Injective
(@injective) August 25, 2025
Filtering the Market: A $520 Billion Opportunity
Analysts estimate that more than $500 billion worth of digital assets meet the ETF’s criteria. That’s a large slice of the overall market. Likely candidates include Solana, XRP, Chainlink, Cardano, Stellar, Avalanche, Hedera, and Sui. These are networks with significant U.S. ties, either through founding teams, infrastructure, or legal incorporation.
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Income Potential Through Staking and Validation
Canary’s proposal doesn’t stop at passive tracking. The fund also plans to participate in on-chain activity, including staking and transaction validation. That means the ETF could earn native rewards from networks where it holds tokens, adding a potential income layer on top of asset appreciation.
Ticker MRCA, Trading on Cboe BZX
If approved, the ETF will trade under the ticker symbol MRCA on the Cboe BZX Exchange. The structure is a Delaware statutory trust, not a traditional mutual fund, so it won’t fall under the Investment Company Act of 1940. That gives the fund more operational flexibility, particularly when it comes to handling digital assets directly.
Talking Points from ETF Analysts
Some analysts are calling the filing creative, even if it raises questions. There’s still a bit of ambiguity around exactly which tokens qualify, especially when teams are distributed or chains are supported by global contributors. But the broader takeaway is clear: ETF managers are getting more experimental in how they design crypto products.
Late-Year ETF Filing Surge Continues
This isn’t the only fund aiming to capture a new angle. Canary’s submission lands alongside other late-year filings, including one from Grayscale to convert its Avalanche Fund into a publicly traded trust. These filings show that the window for new ETF strategies is wide open, and fund managers are racing to carve out niches.
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What This Means for U.S. Crypto Strategy
This ETF taps into a growing narrative about supporting homegrown crypto ecosystems. With regulatory conversations heating up in Washington and global tensions in the background, Canary’s filing could appeal to investors who want U.S.-backed exposure without venturing too far into foreign projects.
What Comes Next in the Approval Process
The S-1 filing kicks off the process, but Canary will still need a 19b-4 approval from the exchange. The SEC is reviewing a backlog of crypto-related ETF proposals right now, so a decision may come before the end of the year. If it clears, MRCA could offer a new way to bet on the future of U.S. crypto without leaving the safety of traditional finance.
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Key Takeaways
- Canary Capital filed for a spot ETF focused on U.S.-built digital assets, tied to a Made-in-America Blockchain Index.
- Only tokens with strong U.S. ties—including Solana, XRP, Chainlink, and Cardano—would qualify for the ETF.
- The ETF plans to earn rewards through staking and validation, creating an income layer beyond price performance.
- It will trade under the ticker MRCA on Cboe BZX if approved, offering direct exposure through a Delaware trust structure.
- The ETF taps into national crypto narratives and may appeal to investors looking for U.S.-backed blockchain exposure.
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