Canary Capital Group LLC (“Canary Capital”), a digital asset-focused investment firm, announced its official launch alongside the debut of its first trust offering, the Canary HBAR Trust (“the Trust”). Steven McClurg, former co-founder and Chief Investment Officer of Valkyrie Funds and Valkyrie Digital Asset, the original sponsor of the CoinShares Valkyrie Bitcoin Fund, established Canary Capital to drive innovation and deliver actively managed and passive private strategies to meet institutional demand for sophisticated cryptocurrency investment solutions.
“The accelerating demand for crypto-related 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,” says Steven McClurg, Chief Executive Officer at Canary Capital. “We founded Canary to lead the way for the next iteration of actively managed and passive crypto-related offerings with a focus on risk management and adaptive, strategic foresight.”
Canary’s HBAR Trust, the first widely-available dedicated HBAR investment vehicle in the United States, is a private offering that provides qualified investors secure exposure to HBAR – the native cryptocurrency that underpins the Hedera network. Hedera has emerged as the leading, enterprise-grade, distributed ledger technology that continues to see real growth potential, especially within the space of asset tokenization as well as other use cases such as NFT issuance, and web3 application development and deployment. The launch of the Trust potentially paves a path for other HBAR-focused investment vehicles such as ETFs as investors seek new ways to access cryptocurrency.
“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,” says 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 Josh Olszewicz, who serves as Portfolio Manager across all strategies and brings a wealth of investment and crypto expertise. 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.
This press release is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal, nor shall there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Canary Capital intends to attempt to have shares of new products quoted on a secondary market. However, there is no guarantee that Canary Capital will be successful. Although the shares of certain products have been approved for trading on a secondary market, investors in the new products should not assume that the shares will ever obtain such an approval due to a variety of factors, including questions regulators, such as the SEC, FINRA, or other regulatory bodies may have regarding such products. As a result, shareholders of such products should be prepared to bear the risk of investment in the shares indefinitely. Certain products have not met their investment objective, and the shares of such products quoted on OTC Markets have not reflected the value of the digital assets held by such products, less such products’ expenses and other liabilities, but have instead traded at a premium over such value, which at times has been substantial. There have also been instances where the shares of certain products have traded at a discount.
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