The Canary American-Made Crypto ETF (MRCA) is a US-only fund proposed to track the Made-in-America Blockchain Index of cryptocurrencies created, mined or primarily operated in the United States, with staking…
The Canary American-Made Crypto ETF (MRCA) is a US-only fund proposed to track the Made-in-America Blockchain Index of cryptocurrencies created, mined or primarily operated in the United States, with staking rewards added to NAV and custody by a South Dakota-chartered trust.
Canary American-Made Crypto ETF (MRCA) targets US-rooted tokens, captures staking rewards, and uses regulated custody — read details and SEC timeline now.
Canary Capital has filed for a US-only crypto ETF, aiming to track an index of American-rooted digital assets as the SEC weighs other fund applications.
US digital asset investment firm Canary Capital Group has filed with the Securities and Exchange Commission (SEC) to launch the Canary American-Made Crypto ETF (MRCA). The fund would list on Cboe BZX and focus exclusively on cryptocurrencies with significant US roots.
The Canary American-Made Crypto ETF (MRCA) is a proposed exchange-traded fund designed to track the Made-in-America Blockchain Index, comprised only of tokens created, mined or primarily operated in the United States. The trust plans direct exposure with no leverage or derivatives and intends to add staking rewards to net asset value.
The index admits assets that meet strict oversight criteria. Tokens must be custodial-eligible with a regulated US trust or bank, meet minimum liquidity thresholds, and trade across multiple established venues. Stablecoins, memecoins, and pegged tokens are explicitly excluded. The index is rebalanced quarterly to maintain eligibility and liquidity standards.
The trust plans to custody holdings with a South Dakota-chartered trust company, keeping most assets in cold storage. Proof-of-stake holdings will be staked through third-party providers, with rewards intended to accrue to the fund’s net asset value (NAV).
Canary Capital is positioning MRCA amid regulatory shifts that may favor staking-based products. In July, former SEC Commissioner Paul Atkins launched Project Crypto, seeking clearer US guidance for tokenized assets. Additionally, an Aug. 5 SEC staff statement clarified that certain liquid staking arrangements may not be securities, potentially easing approval concerns for staking-inclusive ETFs.
According to CoinMarketCap’s “Top Made in America Tokens by Market Cap” index (mentioned as a data reference), projects with American roots that could meet the index rules include XRP, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), and Stellar (XLM), subject to custody and liquidity criteria.
The SEC has continued to extend review periods for multiple crypto ETF applications. Recent delays include NYSE Arca’s Truth Social Bitcoin and Ethereum ETF to Oct. 8, 2025; 21Shares and Bitwise’s Solana ETF decisions to Oct. 16, 2025; and the 21Shares Core XRP Trust to Oct. 19, 2025. The SEC also extended review for the WisdomTree XRP Fund until Oct. 24, 2025, and pushed back a decision on the Canary PENGU ETF to Oct. 12, 2025.
Canary recently filed for multiple themed ETFs, including a Trump Coin ETF tied to a memecoin launched ahead of the presidential inauguration, and separate ETFs tied to SOL, XRP, SUI, and TRX. All remain under SEC review. MRCA differs by imposing strict US-origin and custody criteria and by explicitly incorporating staking rewards to NAV.
The index excludes stablecoins, memecoins, and pegged tokens. Only tokens that can be custodied by a regulated US trust or bank, meet minimum liquidity, and trade on multiple established venues will be considered eligible.
Staking rewards are intended to accrue to the fund’s NAV, potentially boosting total return versus an unstaked holding. Rewards will be generated via third-party staking providers and credited to the trust before NAV calculation.
The Canary American-Made Crypto ETF (MRCA) seeks to offer direct exposure to US-rooted digital assets while capturing staking rewards and relying on regulated US custody. With strict index rules and quarterly rebalancing, MRCA aims to provide a differentiated, regulation-conscious product as the SEC continues its staggered review of crypto ETF filings. Watch SEC deadlines and Canary’s related ETF applications for signals on timing and regulatory stance.
