Canary Capital has submitted its sixth cryptocurrency exchange-traded fund (ETF) application to the U.S. Securities and Exchange Commission (SEC), this time seeking approval for a fund tracking the spot price of Sui (SUI). The March 17 Form S-1 filing did not disclose the exchange on which the ETF would trade or its proposed ticker symbol.
The proposed Canary SUI ETF aims to directly hold Sui, the native token of the layer-1 blockchain used for fees and staking. As the 23rd largest cryptocurrency by market capitalization, SUI is valued at approximately $7.36 billion, according to CoinGecko data. The token is currently trading at $2.31, reflecting a 1.3% daily increase and a 7.3% gain over the past week. However, Sui remains significantly below its all-time high of $5.35, recorded on January 5, having declined by 56.5% since then.
Canary Capital registered a trust for the SUI ETF in Delaware on March 6, a prerequisite before the SEC can review the proposal. The firm must also file a Form 19b-4, which would outline the terms for listing and trading the ETF. This marks Canary’s latest effort in its push for crypto ETFs, following applications for Solana (SOL), Litecoin (LTC), XRP, Hedera (HBAR), and Axelar (AXL) ETFs.
The filing coincides with a March 6 announcement from Sui regarding its partnership with World Liberty Financial, a crypto platform backed by former U.S. President Donald Trump. Under the collaboration, Sui was included in World Liberty’s “Macro Strategy” token reserve, with both parties exploring additional product opportunities.
Trump’s pro-crypto stance, including promises to ease regulatory scrutiny, has fueled optimism among market participants. This has led to a surge in crypto ETF applications, as issuers anticipate a more favorable regulatory environment. The SEC has delayed decisions on multiple crypto ETF filings, but Commissioner Hester Peirce recently indicated that the agency would hold off on major crypto decisions until the Senate confirms Trump’s SEC chair nominee, Paul Atkins. The confirmation hearing, initially delayed over financial disclosure concerns, is now scheduled for March 27.
Also Read: Ripple Lawsuit Twist: SEC Debates Whether XRP Deserves Ethereum’s Status
As regulatory uncertainty persists, the crypto market awaits further developments regarding Canary’s latest ETF proposal and the broader industry outlook.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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