Canary Capital Launches Axelar Trust as AXL Soars Nearly 13%

Canary Capital has launched the Canary AXL Trust, an investment vehicle designed to provide institutional investors with exposure to the Axelar Network’s native token, AXL. This launch has already sparked a significant price surge, with AXL jumping by 12.5% shortly after the announcement. The trust is a private, single-asset vehicle specifically holding AXL and is available exclusively to accredited investors.

In the press release, Canary Capital revealed that Coinbase has been appointed as the official custodian for the AXL Trust, ensuring a secure and trusted environment for institutional clients looking to invest in AXL. Canary Capital also offers additional digital asset investment strategies, such as hedge fund solutions, catering to the growing demand for institutional crypto exposure.

Following the news of the launch, the AXL token saw a dramatic 12.5% price increase, with the token currently trading at $0.50. In the past 24 hours, AXL’s trading volume spiked to over $43 million, a 218.3% increase compared to the previous day. The token now boasts a market cap of $460 million and a fully diluted valuation of over $596 million, with a circulating supply of approximately 918 million AXL tokens.

AXL serves multiple functions within the Axelar Network, acting as a governance token, as well as being used to pay for transaction fees, stake for rewards, and participate in validator staking pools. The decision to use AXL as the underlying asset for the new trust was influenced by Axelar’s role in providing some of the most advanced interoperability solutions in Web3. Canary Capital’s CEO, Steven McClurg, emphasized that as institutional demand for cryptocurrency exposure continues to grow, the firm is committed to offering secure, structured, and innovative investment vehicles to align with the future of blockchain adoption.

The Axelar Network itself has gained significant momentum, particularly in 2024, with a 71% increase in active users and a transaction volume of $10 billion. As of early 2025, Axelar became the 11th largest blockchain network by total value locked (TVL), surpassing the $1 billion mark for the first time.

This new launch follows Canary Capital’s previous success in October 2024 when it launched the first HBAR Trust in the U.S., offering structured exposure to the native token of the Hedera network. The launch of the Canary AXL Trust is another step in Canary Capital’s ongoing efforts to offer institutional investors access to blockchain assets beyond Bitcoin and Ethereum, with AXL positioning itself as a key asset in the rapidly growing Web3 space.