Axelar’s (AXL) token price surged by more than 14% following Canary Capital’s recent filing with the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) based on the platform. The move triggered a notable spike in AXL’s price, which reached $0.46, marking a 17.95% increase in daily value. This sharp price surge outperformed most cryptocurrencies during the same period.
Axelar, a Cosmos-based platform, facilitates cross-network communication between popular blockchain systems such as Ethereum, Arbitrum, and Optimism. The platform’s Mobius Development Stack supports secure infrastructure for cross-chain transactions, and its growing ecosystem has already surpassed $1 billion in total value locked (TVL). Notable backers include Binance, Coinbase, and Galaxy, further solidifying Axelar’s position in the blockchain space.
Canary Capital’s ETF filing contributes to the rising trend of altcoin ETFs, with Bitwise also filing for an ETF centered around Aptos on the same day. This follows the success of Bitcoin and Ethereum ETFs and a broader surge in such filings, which has coincided with the tenure of U.S. President Donald Trump.
Additionally, Axelar recently formed a new Institutional Advisory Board, appointing Brian Brooks, the former Chief Legal Officer at Coinbase and former acting Comptroller of the Currency, to bring his regulatory expertise to the platform. This growing institutional support and regulatory alignment are expected to foster further growth for Axelar’s ecosystem.
Related topics:
Hamster Network Hits 34,028 TPS, Beating Solana and Aptos
Ripple Releases 1 Billion XRP Tokens from Escrow
Crypto Market Sees Sharp Decline Amid Trump Tariff Announcement
