TLDR:
- Canary Capital submitted an SEC filing for the Canary American-Made Crypto ETF (MRCA), set to list on Cboe BZX.
- The ETF will track the Made-in-America Blockchain Index, focused on U.S.-based created, mined, and operated crypto assets.
- Canary Capital also filed for two more ETFs: Trump Coin ETF and Staked Injective ETF, per the SEC document.
- The fund is classified as high-risk, with investors warned they could lose their full investment if markets turn.
The crypto ETF race in the United States is getting crowded. Canary Capital has now stepped in with a new filing. The firm wants to launch a product that narrows its scope to homegrown digital assets.
Investors would get access to an ETF designed around cryptocurrencies tied to U.S. creation, mining, or operations. That filing has already been submitted to the Securities and Exchange Commission.
According to documents filed with the SEC, the planned product is called the Canary American-Made Crypto ETF. It is set to trade on the Cboe BZX Exchange under the ticker MRCA once cleared.
The filing states the ETF will invest in a portfolio of digital assets matching the Made-in-America Blockchain Index. That benchmark captures tokens either created in the U.S., mined in large part domestically, or backed by operations based within the country.
Wu Blockchain reported the news, citing the SEC registration.
The filing outlines that the fund is structured as an exchange-traded product rather than a registered investment company. It warns that investors should prepare for higher risks compared with traditional ETFs. No protections apply from the Investment Company Act of 1940, and the shares are not insured by federal agencies.
Canary Capital filed with the SEC for the Canary American-Made Crypto ETF (MRCA), to list on Cboe BZX. The fund will focus on crypto assets that developed, mined, or operated in the US. and is classified as high-risk. Canary also filed for Trump Coin ETF and Staked Injective ETF.…
— Wu Blockchain (@WuBlockchain) August 25, 2025
The trust’s sponsor is Canary Capital Group LLC, with Steven McClurg listed in the filing. CSC Delaware Trust Company is named as the trustee, while custodians will manage both crypto and cash assets. Investors will be able to buy or redeem shares in baskets through authorized participants, a model already familiar in the ETF market.
Canary Capital Crypto ETF Filing Details and Risk Factors
The prospectus explains that MRCA aims to track its benchmark by holding eligible digital assets directly. The trust may also earn validation rewards on proof-of-stake networks when possible.
Authorized participants will handle the creation and redemption process, delivering either cash or crypto for ETF shares. Prices could vary depending on market conditions and supply-demand factors.
The document stresses that shares are speculative and high-risk. The filing explicitly warns investors that they could lose their entire investment. Canary Capital disclosed that the ETF is not covered by the Commodity Exchange Act and is not regulated by the CFTC. That means shareholders won’t have the protections tied to crypto futures markets.
Canary Capital also made other ETF filings alongside MRCA. The firm registered plans for a Trump Coin ETF and a Staked Injective ETF. Both products are still at the filing stage, awaiting regulatory decisions. Together, they show the company is exploring multiple angles to expand into crypto-related funds.
The SEC will now review the documents. No timeline is guaranteed for approval, as the process may involve several amendments. The Canary American-Made Crypto ETF will only trade publicly once regulators declare the registration effective.
For now, the filing confirms Canary Capital’s intent to position itself in the growing crypto ETF market with a uniquely U.S.-focused approach.
