Investment firm Canary Capital has submitted amendments to its proposal for an exchange-traded fund (ETF) that aims to replicate the performance of US-made cryptocurrencies to the US Securities and Exchange Commission (SEC).
If approved, the fund would trade under the symbol MRCA, and its primary purpose is to invest in a portfolio of assets that mimic the CoinDesk Made-in-America index. This financial instrument is designed to measure the performance of up to 12 cryptocurrencies Those that meet strict eligibility and regulatory presence criteria as defined within U.S. jurisdictions.
Among the requirements set for digital assets to be considered by ETFs, cryptocurrencies must have an organizational infrastructure, such as a U.S.-based foundation, headquarters, operations, or management team.
Additionally, for assets that use proof of work (PoW), US operators must account for at least 25% of blocks mined in the past year.
Importantly, the prospectus explicitly excludes meme coins. Despite its focus on US presence, Canary Capital’s prospectus makes clear that its initial portfolio will include digital currencies that do not originate in the US, as is the case with Bitcoin. Other assets join the list, including Avalanche (AVAX), Chainlink (LINK), Hedera (HBAR), Litecoin (LTC), Solana (SOL), Stellar (XLM), and XRP.
Introduction of Bitcoin Focus on operational infrastructure and highlight flexibility in index definition of “Made in USA” More than the origins of our founding.
The move underscores the strategy of Canary Capital, a firm that already manages funds focused on specific assets such as XRP, Solana, Hedera, and Litecoin, as reported by CriptoNoticias.
The introduction of this amendment marks a further step in the evolution of investment products that seek to provide regulated exposure to the digital asset space, with a focus on compliance and presence in the US market, and may attract institutional investors interested in minimizing regulatory risk.
