Grayscale Files For Canton ETF, Targeting A Token Where 100 Wallets Hold 89% Of Supply

• Grayscale filed an S-1 with the US Securities and Exchange Commission to launch an exchange-traded fund that would hold the Canton coin directly.
• The filing disclosed that the 100 largest wallets control roughly 89% of the token's circulating supply.
• Canton Network has attracted major financial firms, including Goldman Sachs, Citadel Securities, and Visa.

Grayscale Investments filed with the US Securities and Exchange Commission (SEC) on Friday to launch an exchange-traded fund (ETF) tracking the CANTON coin (CC), a token whose supply remains heavily concentrated among a small number of holders.

According to the filing, the proposed Grayscale Canton ETF would provide investors with exposure to CC, the native token of Canton Network. The trust's assets would consist solely of CC, with shares designed to reflect the value of the underlying token held by the trust.

CANTON’s price was up over 10% during the past 24 hours. On Stocktwits, the retail sentiment around CC moved to ‘extremely bullish’ from ‘bullish’ zone, while the chatter around it increased from ‘extremely high’ to ‘high’ over the past day. 

Concentrated Ownership Poses Risk

While the filing highlights growing institutional interest in Canton Network, it also points to the token's concentrated ownership structure.

According to the filing, the 100 largest Canton Coin wallets held around 89% of the token in circulation. Grayscale warned that large-scale sales or distributions by major holders could adversely affect the token's market price and, in turn, the value of the trust's shares. The Canton Coin has around $38 billion in tokens in circulation.

Despite those risks, supporters of the project argue that Canton Network's appeal lies in its growing adoption among traditional financial institutions. 

Another supporter, named Canton Army on X, said that CANTON was “one of the most undervalued coins in the market.”

The Canton filing adds to a broader push by Grayscale to expand its crypto ETF lineup beyond Bitcoin (BTC) and Ethereum (ETH). The firm has filed for products tied to Hyperliquid (HYPE), Cardano (ADA), Dogecoin (DOGE), and NEAR Protocol (NEAR) while also seeking to convert some of its existing private cryptocurrency trusts into spot ETFs. Grayscale has already launched six distinct altcoin and multi-asset crypto exchange-traded products.

Canton Network is a Layer-1 blockchain focused on institutional financial applications, and has attracted major financial firms including Goldman Sachs (GS), Citadel Securities, and Visa (V). 

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