TLDR
- Canary Capital has filed for the first Sui ETF with the SEC on March 17, 2025
- The ETF would directly hold SUI tokens, which have a current market value of around $7.36 billion
- This is Canary’s sixth crypto ETF filing, alongside proposals for Solana, Litecoin, XRP, Hedera, and Axelar
- Sui recently partnered with World Liberty Financial, a platform backed by US President Donald Trump
- Sui is a Layer 1 blockchain created by former Meta employees and is currently the 23rd largest cryptocurrency
Canary Capital has submitted a filing with the US Securities and Exchange Commission (SEC) for what would be the first exchange-traded fund (ETF) tracking the spot price of Sui cryptocurrency. The filing, submitted on March 17, marks Canary’s sixth proposed crypto ETF with US regulators.
The proposed Canary SUI ETF would directly hold Sui tokens. These tokens serve as the native currency of the Sui blockchain platform, where they are used for fees and staking purposes.
Canary had already registered a trust in Delaware on March 6 for the fund. The company still needs to file a Form 19b-4 with the SEC before the agency can consider whether to approve it for trading.
The filing did not specify which exchange the ETF would trade on. It also did not reveal the proposed ticker symbol for the fund.
Sui is currently the 23rd largest cryptocurrency with a market value of approximately $7.36 billion, according to data from CoinGekco. The token has been trading at around $2.31, up 1.3% over the last day and gaining 7.3% over the week.
Despite recent gains, Sui has fallen 56.5% from its all-time high of $5.35 reached on January 5. The token’s price over the last 24 hours reached as high as $2.38 before falling slightly.
Canary Capital has been active in filing for crypto ETFs recently. In addition to Sui, the company has submitted applications for ETFs tracking Solana, Litecoin, XRP, Hedera, and Axelar in the past few months.
Sui partners with World Liberty Financial
The Sui ETF filing comes shortly after Sui announced a partnership with World Liberty Financial on March 6. World Liberty Financial is a crypto platform backed by US President Donald Trump.
As part of this partnership, World Liberty will include the Sui token in its “Macro Strategy” token reserve. The companies will also explore further product opportunities together.
“We have seen a massive move of developers into the SUI ecosystem,” Canary Capital CEO Steven McClurg told The Block in an email. “Given the speed and efficiency of the SUI chain, we believe it will be a destination for many future projects.”
McClurg added, “For a chain that has been in existence for less than two years, it is already a top 20 market cap token.” This highlights the rapid growth of the Sui blockchain in a relatively short time.
Sui investment products already exist in other forms. Grayscale Investments launched the Grayscale Sui Trust in August 2024, which is a private investment vehicle for accredited investors.
A Sui ETF would trade on a public stock exchange
Unlike the Grayscale trust, a Sui ETF would trade on a public stock exchange like CBOE, NYSE, or Nasdaq. It would be open to any investor, not just accredited ones.
The Sui blockchain was created by Mysten Labs, a company founded by former Meta employees. Its native token, SUI, maintains a $7.4 billion market capitalization.
President Trump has promised to ease regulatory enforcement against crypto. This has sparked a wave of crypto ETF filings as companies anticipate a more favorable regulatory environment under his administration.
The SEC has delayed decisions on multiple crypto ETF filings. Commissioner Hester Peirce stated last month that the agency would wait until the Senate confirms Trump’s pick to chair the SEC, Paul Atkins, before deciding on a crypto agenda.
A Senate confirmation hearing for Atkins is reportedly scheduled for March 27. The hearing was delayed due to issues with financial disclosures.
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