Canary Capital
Canary Capital Group is a Tennessee-based digital asset investment manager that sponsors spot cryptocurrency ETFs (HBR, LTCC, SOLC, SUIS, XRPC) on Nasdaq and operates discretionary crypto hedge funds, serving institutional and accredited investors via U.S. brokerage and private-placement channels.
- Company typePrivate
- Founded2024
- HeadquartersBrentwood, United States
- Headcount—
- GTM typeB2B
- OfferingServices
What Canary Capital does
Canary Capital Group is a Tennessee-based digital asset investment management firm founded in 2024 that builds, sponsors, and distributes regulated cryptocurrency investment vehicles for institutional and accredited investors. The company offers five spot exchange-traded funds — Hedera (HBR), Litecoin (LTCC), Solana (SOLC), Sui (SUIS, with staking), and XRP (XRPC) — listed on Nasdaq and accessible via standard U.S. brokerage accounts, alongside private offerings including the discretionary Canary Digital Fund and the CRO Trust. Its distribution model combines institutional-grade custody arrangements (BitGo, Coinbase Custody), exchange-listing partnerships (Nasdaq, Cboe BZX), and a private-placement channel for accredited investors under Rule 506(c).
The firm's core technology and product engineering focus is on novel ETF architectures, particularly staking-enabled wrappers for proof-of-stake networks. Under amended trust documents for the HBAR ETF (and pending in TRX, INJ, and SUIS filings), staking rewards are either retained by the sponsor as additional compensation or reflected in NAV, layering network yield onto spot-price exposure. Canary also publishes proprietary research tools — the Alt Coin Index and Alt Beta to BTC — that quantify altcoin volatility and beta relative to Bitcoin, supporting both internal management and external investor education through its Learning Hub.
Canary's revenue model is anchored in recurring AUM-based fees: ETF sponsor fees (LTCC disclosed at 0.95%), private-fund management fees on the Digital Fund and CRO Trust, and staking-reward retention on applicable products. Go-to-market is enterprise field sales targeting institutional allocators, family offices, hedge funds, and high-net-worth accredited investors, with marketing leverage from thought-leadership content, webinars, and earned media. The leadership team is concentrated among repeat crypto-ETF operators — most notably from the former Valkyrie Investments cohort — providing operational depth across product, trading, compliance, and legal functions.
Canary Capital firmographics
Firmographics- Name
- Canary Capital
- Legal name
- Canary Capital Group Inc.
- Website
- https://canary.capital
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Short description
- Canary Capital Group is a Tennessee-based digital asset investment manager that sponsors spot cryptocurrency ETFs (HBR, LTCC, SOLC, SUIS, XRPC) on Nasdaq and operates discretionary crypto hedge funds, serving institutional and accredited investors via U.S. brokerage and private-placement channels.
- Ownership category
- akta.pro rank
Where Canary Capital is headquartered
LocationHeadquarters
- HQ city
- Brentwood
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Canary Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- ETF Sponsor Fees: Canary Capital generates revenue through sponsor fees charged on its ETF products. The LTCC Litecoin ETF charges a 0.95% sponsor fee. The firm manages discretionary risk-managed crypto hedge funds and single-asset trusts for institutional investors, with fees typically structured as a percentage of assets under management.
- Private Fund Management: Canary Capital offers private funds including the Canary Digital Fund and CRO Trust, generating management fees from institutional and accredited investors seeking exposure to cryptocurrencies and digital assets through discretely managed strategies.
- Staking Reward Compensation: Under amended agreements for the HBAR ETF, all staking rewards generated from the trust's holdings belong to the sponsor (Canary Capital) as additional compensation, excluded from the trust's NAV calculations.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Canary HBAR ETF (HBR) - Standard ETF Fee Structure |
| Subscription | Annual | Canary Litecoin ETF (LTCC) - 0.95% Sponsor Fee |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
Canary Capital product offering
Product offeringCore offering
Canary Capital is a digital asset investment management firm that issues and manages spot cryptocurrency exchange-traded funds (ETFs) and private funds. Its ETF suite covers Hedera (HBR), Litecoin (LTCC), Solana (SOLC), Sui (SUIS), and XRP (XRPC), with several ETFs incorporating proprietary staking-yield structures. The firm also operates a discretionary crypto hedge fund (Canary Digital Fund) and a single-asset trust (CRO Trust) for institutional and accredited investors.
Product overview
Canary Capital is a digital asset investment management firm offering a portfolio of exchange-traded funds (ETFs) and private funds. The ETF suite includes five spot crypto ETFs: Hedera ETF (HBR), Litecoin ETF (LTCC), Solana ETF (SOLC), Sui ETF (SUIS) with staking rewards, and XRP ETF (XRPC), all trading on Nasdaq. The private funds include the Canary Digital Fund (a discretionary hedge fund) and CRO Trust (single-asset trust). The firm also provides research tools including an Alt Coin Index and Alt Beta to BTC chart, plus educational content through its Learning Hub featuring Token Deep Dives on various cryptocurrencies.
Differentiator
Problem solved
Functional benefit
Products and services
- Canary Hedera ETF (HBR) A spot ETF providing institutional exposure to HBAR (the native token of the Hedera Hashgraph network) for institutional and accredited investors, listed on Nasdaq.
- Canary Litecoin ETF (LTCC) A spot ETF providing exposure to Litecoin (LTC) priced on Nasdaq, charging a 0.95% sponsor fee.
- Canary Solana ETF (SOLC) A spot ETF providing exposure to Solana (SOL) for institutional and accredited investors, listed on Nasdaq.
- Canary Staked SUI ETF (SUIS) The first spot SUI ETF with staking, offering exposure to Sui Network's native token while earning additional yield through proof-of-stake participation, listed on Nasdaq.
- Canary XRP ETF (XRPC) A spot ETF providing institutional exposure to XRP, the native token of the Ripple payment settlement network, listed on Nasdaq.
- Canary Digital Fund A discretionary risk-managed crypto hedge fund offering institutional and accredited investors exposure to cryptocurrencies and digital assets with active management.
- Canary CRO Trust A single-asset trust providing accredited investors with exposure to the Cronos (CRO) token through a regulated investment vehicle.
Quantifiable outcome
- HBAR ETF reached $93 million AUM within months of launch
- +2 more outcomes
Companies that use Canary Capital
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles2 records
Canary Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Canary Capital partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- Cboe BZX ExchangecoreCboe BZX Exchange is the planned listing venue for Canary Capital's staked INJ ETF (ticker INJS), providing the exchange infrastructure for trading the ETF product.
- BitGocoreBitGo serves as the custodian for Canary Capital's spot crypto ETFs. The firm provides institutional custody services for the TRX ETF and other products, handling secure storage of digital assets and facilitating trading operations.
- Coinbase CustodycoreCoinbase Custody provides institutional custody for Canary Capital's HBAR ETF, offering secure asset management for the fund's holdings.
- Sui Network / Mysten LabscoreCanary Capital launched the first spot SUI ETF (SUIS) with staking, with Mysten Labs (original contributor to Sui) co-founder Adeniyi Abiodun providing commentary on the institutional access milestone.
Scale indicators7 records
Recent moves6 records
Expansion highlights5 records
Canary Capital competitors and assessment
Company assessmentBroad incumbents
- CoinShares: European crypto asset manager that acquired Valkyrie's public funds business in 2024. CoinShares operates a broad crypto investment platform with ETP products that overlap with Canary's ETF strategy.
- Invesco: Established asset manager with the Invesco Galaxy Bitcoin ETF (BTCO) and broader crypto product expansion. Invesco is a broad incumbent competing for institutional crypto ETF allocations.
- Franklin Templeton: Major traditional asset manager with spot Bitcoin and Ethereum ETFs (EZPZ) and ongoing crypto product expansion. Franklin Templeton is a broad incumbent in the institutional crypto ETF space.
- WisdomTree: Established asset manager with spot crypto ETF products (BTC, ETH) and active altcoin ETF filings. WisdomTree is a broad incumbent competing for institutional crypto allocations.
- Grayscale Investments: Largest crypto-focused asset manager with the broadest product suite, including GBTC and several altcoin trusts that have converted to ETFs. Grayscale is a broad incumbent that competes with Canary across institutional crypto allocations.
- Fidelity Investments: Largest traditional asset manager offering spot Bitcoin (FBTC) and Ethereum ETFs with significant institutional distribution. Fidelity is a broad incumbent whose scale and distribution create competitive pressure across all crypto ETF issuers.
Direct peers
- 21Shares: One of the largest crypto ETP issuers globally with a broad altcoin product suite. 21Shares competes directly with Canary in spot altcoin ETFs and staking-enabled ETP structures.
- Bitwise Asset Management: Direct competitor in spot crypto ETFs, including the Bitwise XRP ETF which surpassed Canary's XRPC in cumulative inflows. Bitwise is among the most active issuers in the altcoin ETF space and competes head-to-head with Canary across multiple filings.
- Valkyrie Investments: Crypto-focused asset manager whose public funds business was acquired by CoinShares in 2024. Canary's founder Steven McClurg and president Drew Hill both previously held senior roles at Valkyrie, and multiple Canary staff came from the firm. It is the most directly comparable peer in terms of product strategy and team DNA.
- Hashdex: Crypto asset manager offering spot Bitcoin and Ethereum ETFs and pursuing diversified crypto index ETFs. Hashdex is a direct peer in the institutional crypto ETF market.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Canary Capital social profiles
Digital presenceCanary Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Canary Capital leadership team
Management profileNumber of profiles
Profiles13 records
Canary Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Canary Capital M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Canary Capital
What does Canary Capital do?
Canary Capital is a digital asset investment management firm that issues and manages spot cryptocurrency exchange-traded funds (ETFs) and private funds. Its ETF suite covers Hedera (HBR), Litecoin (LTCC), Solana (SOLC), Sui (SUIS), and XRP (XRPC), with several ETFs incorporating proprietary staking-yield structures. The firm also operates a discretionary crypto hedge fund (Canary Digital Fund) and a single-asset trust (CRO Trust) for institutional and accredited investors.
Is Canary Capital a public or private company?
Canary Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Canary Capital founded?
Canary Capital was founded in 2024.
Where is Canary Capital based?
Canary Capital is headquartered in Brentwood, United States, in the North America region.
How does Canary Capital make money?
Three revenue lines are on record. ETF Sponsor Fees are the primary driver. The others are private Fund Management and staking Reward Compensation.
Who are Canary Capital's main competitors?
Broad incumbents on record are CoinShares, Invesco, Franklin Templeton, WisdomTree, Grayscale Investments and Fidelity Investments. Direct peers are 21Shares, Bitwise Asset Management, Valkyrie Investments and Hashdex.
Does Canary Capital have an API?
No public API is recorded for Canary Capital.