Canary Capital has submitted its latest application for a cryptocurrency exchange-traded fund (ETF) to U.S. regulators, this time aiming to track the spot price of Sui (SUI).
According to a Form S-1 filing with the Securities and Exchange Commission (SEC) on March 17, the investment firm is seeking approval for the Canary SUI ETF. However, the filing does not specify which exchange the ETF would trade on or the proposed ticker symbol.
The fund would hold Sui (SUI) directly—Sui being the native token of a layer-1 blockchain used for transaction fees and staking. With a market capitalization of approximately $7.36 billion, Sui currently ranks as the 23rd largest cryptocurrency, according to CoinGecko.
Sui’s price has increased by 1.3% in the past 24 hours, reaching $2.31, and has risen by 7.3% over the last week. However, it remains down 56.5% from its all-time high of $5.35 recorded on January 5.
Canary Capital registered a trust for the fund in Delaware on March 6. Before the SEC can evaluate the ETF for trading approval, the firm will also need to file a Form 19b-4.
This marks Canary’s sixth crypto ETF application with the SEC. Over recent months, the firm has also filed for ETFs linked to Solana (SOL), Litecoin (LTC), XRP, Hedera (HBAR), and Axelar (AXL).
The filing follows Sui’s recent partnership announcement on March 6 with World Liberty Financial, a crypto platform supported by former U.S. President Donald Trump. As part of the collaboration, World Liberty incorporated Sui into its “Macro Strategy” token reserve and is exploring additional opportunities with the blockchain project.
Trump has expressed plans to ease regulatory pressure on the crypto industry, leading to a surge in ETF applications amid expectations that a more favorable SEC stance could emerge under his administration.
Although the SEC has postponed decisions on various crypto ETF applications, Commissioner Hester Peirce previously stated that the agency is likely to hold off on any major crypto-related rulings until the Senate confirms Trump’s nominee for SEC chair, Paul Atkins. The Senate confirmation hearing for Atkins, originally delayed due to financial disclosure concerns, is now reportedly scheduled for March 27.
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