This week, Canary Capital, a digital asset-focused investment firm, announced its official launch alongside the debut of its first trust offering, the Canary HBAR Trust. Steven McClurg, former co-founder and CIO of Valkyrie Funds, the issuers of the Valkyrie Bitcoin ETF, said he established Canary Capital to drive innovation and deliver actively managed private strategies to meet institutional demand for sophisticated cryptocurrency investment solutions.
“The accelerating demand for crypto offerings seems to be exponential since this year’s launch of Spot Bitcoin ETFs, yet there remains a gap regarding firms with institutional experience who are willing to continue to innovate and deliver solutions beyond retail products,” McClurg said. “We founded Canary to lead the way for the next iteration of actively managed crypto offerings with a focus on risk management and adaptive, strategic foresight.”
Canary’s HBAR Trust, which the firm claims is the first dedicated HBAR investment vehicle in the United States, is a private offering that provides qualified investors secure exposure to HBAR – the native cryptocurrency underpinning the Hedera network. Hedera is attempting to establish itself in asset tokenization, NFT issuance, and web3 application development and deployment.
“The launch of Canary Capital’s HBAR Trust is a first-of-its-kind access point for US institutions to acquire HBAR,” says Gregg Bell, senior vice president at The HBAR Foundation. “Now any RIAs or institutional capital in the US that was previously sidelined, despite recognizing the industry-leading scalability and performance of the Hedera network, can today acquire the HBAR token.”
“As the most used network by transaction count, Hedera is a prime example of the type of enterprise technology that sits at the intersection of crypto and real-world scalability, making it the obvious choice for our first private offering at Canary,” said McClurg. “We see real growth within technology applications and look forward to bringing further compelling investment opportunities to investors.”
The Trust is available for investment by eligible individual and institutional accredited investors. The single-asset investment Trust is solely invested in HBAR.
Alongside McClurg, Canary Capital is also led by portfolio manager Josh Olszewicz. Beyond The Trust, Canary also offers crypto hedge fund solutions including a crypto and fixed-income barbell strategy specifically designed for sophisticated and institutional investors.
