Overview

• The proposed spot product would track the Made‑in‑America Blockchain Index, restricting holdings to assets developed in the U.S., predominantly mined or minted domestically, or primarily operated in the country.
• The vehicle is structured as a Delaware statutory trust with a proposed MRCA ticker on Cboe BZX, and it is not authorized to trade until exchange and SEC approvals are completed.
• The filing contemplates earning on‑chain rewards by staking or participating in validation where eligible, adding an income layer beyond price exposure.
• The S‑1 lists no specific coins, with reporting citing CoinGecko’s estimate of more than $520 billion in U.S.-tied assets and frequently mentioned candidates such as Solana, XRP, Cardano, Chainlink, Avalanche, Stellar, Hedera, and Sui.
• Canary warns of high risks from lower altcoin liquidity and legal uncertainty, while the move comes as other altcoin ETF efforts progress, including Grayscale’s plan to convert its Avalanche fund with Coinbase as custodian and prime broker.