Canary Capital has filed a proposal with the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) that will track the spot price of the Sui token. The filing, submitted on March 17 through a Form S-1, is the investment firm’s sixth crypto ETF proposal. The proposed ETF, called the Canary SUI ETF, will directly hold Sui, the native token of the Sui blockchain.
Sui is currently the 23rd largest cryptocurrency, with a market value of around $7.36 billion. As of the latest data, Sui is trading at $2.31, up 1.3% over the last 24 hours and 7.3% over the past week. However, it is down 56.5% from its all-time high of $5.35 on January 5.
Canary Capital registered a trust in Delaware for the proposed fund earlier this month, a required step before the SEC can review the application. The firm is expected to file a Form 19b-4 with the SEC to proceed with its proposal.
canary’s latest crypto ETF initiative
The Sui ETF is the latest in a series of Canary Capital filings, including ETFs tracking cryptocurrencies such as Solana, Litecoin, Hedera, and Axelar. This wave of filings comes after Sui announced a partnership with World Liberty Financial, a crypto platform backed by U.S. President Donald Trump, on March 6. The partnership will include the Sui token in World Liberty Financial’s “Macro Strategy” and explore additional product opportunities.
Trump has expressed plans to relax regulatory enforcement against cryptocurrencies, which has led to increased optimism in the industry. This has resulted in more activity and filings for crypto ETFs in hopes of more favorable regulations under his administration. However, the final decision from the SEC is pending the confirmation of Trump’s pick for the SEC chair, which has been delayed due to financial disclosure issues.
The Senate confirmation hearing is set for March 27. Canary Capital and the wider crypto community are closely monitoring these developments, hoping for a more crypto-friendly regulatory environment that could allow the approval of various crypto ETFs.
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