Nikolas Sargeant
Canary Capital has filed with the US Securities and Exchange Commission (SEC) to launch the first exchange-traded fund (ETF) tracking Sui, a cryptocurrency token. The fund, named the Canary SUI ETF, would hold Sui tokens directly and track their spot price. This marks the company’s sixth attempt to launch a crypto ETF, following previous filings for Solana, Litecoin, and others.
The ETF is designed to provide investors with direct exposure to Sui, the native token of the Layer-1 blockchain used for fees and staking. Sui is currently the 23rd largest cryptocurrency by market capitalization, valued at around $7.36 billion. It has recently experienced a slight rise, gaining 1.3% in the last 24 hours, although it remains down 56.5% from its January peak.
In the filing, Canary Capital did not disclose which exchange the ETF would be listed on or provide a proposed ticker symbol. The firm had earlier registered a trust for the fund in Delaware on March 6. Before the SEC can review the listing, Canary must also submit a Form 19b-4.
Amid optimism that Trump’s promise to ease crypto regulation will lead to more crypto ETFs being approved, multiple filings have been delayed by the SEC. Commissioner Hester Peirce noted that the agency will wait for the Senate to confirm Trump’s pick for SEC chair, Paul Atkins, before setting a crypto agenda. Atkins’ confirmation hearing, initially delayed due to financial disclosure issues, is now scheduled for March 27.
This filing follows Sui’s March 6 announcement of a partnership with World Liberty Financial, a crypto platform backed by former President Donald Trump. The partnership included the integration of Sui into a “Macro Strategy” token reserve, highlighting growing institutional interest in the cryptocurrency sector.
