Canary Capital Launches Canary AXL Trust, Expanding Institutional Crypto Investment Offerings to the Token Powering the Axelar Network

Canary continues to bridge traditional finance and the opportunities within blockchain technology, offering seamless investment access to cutting-edge Web3 platforms; Canary AXL Trust is the first investment trust in the growing blockchain interoperability category.

Canary Capital Group LLC (“Canary Capital”), a digital asset-focused investment firm, today announced the launch of the Canary AXL Trust (“the Trust”), a private investment vehicle providing institutional and accredited investors with secure exposure to AXL, the native cryptocurrency that powers the Axelar Network. The Trust is the latest step in Canary’s mission to drive innovation in digital asset investment solutions – and is the first investment trust offering exposure to a general blockchain interoperability protocol.

Following the successful launch of the Canary HBAR Trust, this new offering expands Canary Capital’s leadership in providing institutional-grade crypto investment opportunities that extend beyond Bitcoin and Ethereum. Axelar Network has emerged as a critical player in Web3 interoperability, delivering an internet of blockchains that securely connects the world’s Web3 and financial infrastructure.

“With Axelar driving some of the most advanced interoperability solutions in Web3, we see in AXL a significant opportunity for institutional investors to gain exposure to the technology underpinning next-generation blockchain connectivity,” said Steven McClurg, Chief Executive Officer at Canary Capital. “As institutional demand for crypto exposure grows, we remain committed to providing structured, secure, and innovative investment vehicles that align with the future of blockchain adoption.”

The Canary AXL Trust is a private, single-asset investment vehicle designed to hold AXL, Axelar’s native token, which powers decentralized security over a scalable blockchain interoperability network. The launch of the Trust comes at a time of significant growth for the Axelar Network. In 2024, Axelar saw a 71% increase in active users, cumulative transaction volume reaching $10 billion, and the successful integration of major institutional partners including Apollo Global Management, Deutsche Bank, and J.P. Morgan. In early 2025, the Axelar Network became the 11th largest blockchain network by total value locked, surpassing $1 billion for the first time. Axelar is expected to drive further expansion, linking additional Web3 ecosystems such as XRP Ledger, Hedera, Stellar, TON, Sui, Solana, and Bitcoin.

“As interoperability continues to shape the blockchain ecosystem, Axelar is proving to be an essential infrastructure layer,” said Josh Olszewicz, Portfolio Manager at Canary Capital. “We believe in the long-term potential of Axelar’s technology and its role in enabling seamless cross-chain interactions, making AXL a compelling asset for forward-thinking investors.”

The Canary AXL Trust is available exclusively to accredited investors seeking direct exposure to AXL. Canary Capital also offers additional digital asset investment strategies, including hedge fund solutions tailored to institutional clients.

Canary has chosen Coinbase to act as the custodian for the Trust.

This press release is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal, nor shall there be any sale of any security in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

Canary Capital intends to attempt to have shares of new products quoted on a secondary market. However, there is no guarantee that Canary Capital will be successful. Although the shares of certain products have been approved for trading on a secondary market, investors in the new products should not assume that the shares will ever obtain such an approval due to a variety of factors, including questions regulators, such as the SEC, FINRA, or other regulatory bodies may have regarding such products. As a result, shareholders of such products should be prepared to bear the risk of investment in the shares indefinitely. Certain products have not met their investment objective, and the shares of such products quoted on OTC Markets have not reflected the value of the digital assets held by such products, less such products’ expenses and other liabilities, but have instead traded at a premium over such value, which at times has been substantial. There have also been instances where the shares of certain products have traded at a discount.

About Canary Capital

Canary Capital is an investment management firm that blends rigorous risk management, strategic foresight, and innovative thinking to deliver private placement strategies, such as crypto hedge fund solutions, with a focus on enterprise technology.

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