Canary Capital has submitted a filing with the US SEC, seeking approval for the first-ever Sui ETF.
Canary Capital has taken the next step toward launching a Sui ETF by filing with regulators after it created a Delaware trust earlier this month.
For the sixth time, Canary Capital has proposed a crypto ETF, this time seeking approval for a fund tied to Sui’s spot price.
In a March 17 SEC Form S-1 filing, the crypto investment firm proposed listing the Canary SUI ETF, though it left out details on the exchange and ticker symbol.
By directly holding Sui, the ETF will track the native token of a layer-1 blockchain that users utilize for transaction fees and staking. CoinGecko lists Sui as the 23rd largest cryptocurrency, with a market cap of roughly $7.36 billion.
With a 1.3% daily increase, Sui now trades at $2.31 and has grown 7.3% in the past week. However, it still remains 56.5% below its record $5.35 high on January 5.
While Canary created a trust for the fund in Delaware on March 6, it must first submit a Form 19b-4 to the SEC before the agency reviews its potential listing.
With its Sui ETF proposal, Canary is making its sixth crypto ETF bid with the SEC, after previously filing for ETFs tracking Solana (SOL), Litecoin, XRP, Hedera, and Axelar in recent months.
Sui announced its collaboration with World Liberty Financial, a Trump-backed crypto platform, on March 6, just before Canary filed the ETF proposal.
A key aspect of the partnership is World Liberty’s decision to integrate Sui into its “Macro Strategy” token reserve while it seeks further product collaborations.
Optimism over Trump’s commitment to loosening crypto regulations has driven a spike in ETF filings, as many anticipate a more lenient SEC stance under his administration.
The SEC continues to delay decisions on crypto ETFs. Commissioner Hester Peirce explained last month that the agency will determine its crypto agenda only after the Senate approves Trump’s nominee, Paul Atkins, as SEC chair.
After financial disclosure issues delayed the process, the Senate has reportedly rescheduled Atkins’ confirmation hearing for March 27.
