US-based digital asset investment firm Canary Capital Group has submitted a filing to the Securities and Exchange Commission (SEC) seeking approval to launch the Canary American-Made Crypto ETF (MRCA).
According to the filing made on Friday, the ETF would track an index of cryptocurrencies that are created, mined, or primarily operated in the United States. Shares of the fund are planned to trade on the Cboe BZX Exchange under the ticker symbol MRCA. The trust also intends to stake its proof-of-stake assets through third-party providers, with the staking rewards added to its net asset value.
The benchmark for the fund, called the Made-in-America Blockchain Index, will only include tokens that meet strict requirements set by an oversight committee. To qualify, tokens must be eligible for custody with a regulated U.S. trust or bank, have a minimum level of liquidity, and be listed on multiple established trading platforms.
The index will exclude stablecoins, memecoins, and pegged tokens, and will undergo rebalancing on a quarterly basis.
The trust is designed to give investors direct exposure to U.S.-based digital assets, without the use of leverage or derivatives. Custody will be managed by a South Dakota-chartered trust company, with the majority of holdings stored securely in cold wallets.
Data from CoinMarketCap’s “Top Made in America Tokens by Market Cap” index suggests that several major U.S.-linked projects could be included, such as XRP ($2.91), Solana ($189.11), Dogecoin ($0.2114), Cardano ($0.8431, up 3.68% in 24h with a $29.85B market cap and $951.29M in trading volume), Chainlink ($23.21), and Stellar ($0.3891), among others.
This proposal comes shortly after Canary filed for a Trump Coin ETF, which would track the memecoin launched by the U.S. President in January ahead of his inauguration. The firm has also submitted applications for ETFs linked to SOL, XRP, SUI, and TRX, all of which remain under review by the SEC.
On Monday, the SEC announced it is extending its review of the Cboe BZX Exchange’s proposal to list and trade the WisdomTree XRP Fund as a commodity-based trust ETF, moving the deadline to October 24, 2025.
The regulator also delayed its decision on the Canary PENGU ETF, setting a new deadline of October 12, 2025 to make a ruling.
