Nashville, TN – The investment landscape witnessed a significant development on October 1 with the launch of Canary Capital Group LLC ("Canary Capital") and its inaugural offering, the Canary HBAR Trust ("the Trust"). This new digital asset-focused investment firm, founded by Steven McClurg, former co-founder and Chief Investment Officer of Valkyrie Funds, aims to bridge the gap in institutional-grade cryptocurrency investment solutions.
McClurg, now serving as Chief Executive Officer at Canary Capital, stated, "Following the introduction of Spot Bitcoin ETFs, we've observed an exponential increase in demand for crypto offerings. However, there's a noticeable shortage of firms with institutional experience willing to innovate beyond retail products. Canary was established to spearhead the next wave of actively managed crypto offerings, emphasizing risk management and adaptive strategic planning."
The Canary HBAR Trust, a groundbreaking private offering, provides qualified investors with secure exposure to HBAR, the native cryptocurrency of the Hedera network. Hedera has gained recognition as a leading enterprise-grade distributed ledger technology, showing promise in areas such as asset tokenization, NFT issuance, and web3 application development.
Gregg Bell, Senior Vice President at The HBAR Foundation, commented on the significance of this launch: "Canary Capital's HBAR Trust represents a pioneering access point for U.S. institutions to acquire HBAR. This opens doors for RIAs and institutional capital that previously couldn't participate, despite recognizing Hedera's industry-leading scalability and performance."
McClurg elaborated on the choice of HBAR for their first offering: "Hedera exemplifies the type of enterprise technology bridging crypto and real-world scalability. As the most utilized network by transaction count, it was the clear choice for our inaugural private offering. We anticipate further growth in technology applications and look forward to presenting more compelling investment opportunities."
The Trust, available to eligible individual and institutional accredited investors, is exclusively invested in HBAR. Canary Capital's leadership team also includes Josh Olszewicz as Portfolio Manager, bringing extensive investment and crypto expertise to the firm's strategies. Beyond the Trust, Canary offers crypto hedge fund solutions, including a crypto and fixed income barbell strategy designed for sophisticated and institutional investors.
This announcement comes with the caveat that it does not constitute an offer to sell or solicitation of an offer to buy any security in jurisdictions where such actions would be illegal. Investors are advised that Canary Capital's intention to have shares of new products quoted on a secondary market is not guaranteed and is subject to various factors and regulatory approvals.
The press release concludes with a detailed disclaimer addressing the potential risks and uncertainties associated with investment in digital asset products, including the possibility of trading at premiums or discounts to the underlying asset values.
