Canary Capital has filed an application with the SEC to launch a SUI ETF

The company has filed a total of six applications to launch crypto funds

18.03.2025 - 13:15

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3 min

What’s new? Investment firm Canary Capital has filed its sixth application with the US Securities and Exchange Commission (SEC) to launch a spot exchange-traded crypto fund (ETF). The new product will directly hold the native token of the Sui Layer 1 (L1) blockchain, which is used for staking and transaction fees. SUI ranks 23rd in the overall cryptocurrency rankings with a capitalization of $7,2 billion and is trading at $2,25.

SEC filings

What else is known? The new fund is designed to track the spot price of SUI. Like other spot crypto ETFs, it will allow investors, through the purchase of fund shares, to earn a return on the rising price of the asset without directly holding it.

In a filing to the SEC, Canary Capital did not specify information about which exchange it plans to list the product on or what ticker it will be assigned upon listing.

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The company has registered a trust company in Delaware to launch the fund. While it has filed a Form S-1 to register the new securities, the second necessary step will be to file a 19b-4 to change trading rules with the selected stock exchange.

Canary Capital has filed a total of six spot crypto fund applications with the SEC. Over the past few months, it has filed for ETFs tracking the value of Solana (SOL), Litecoin (LTC), XRP, Hedera (HBAR), and Axelar (AXL).

The new application comes after Sui’s team announced a partnership with US President Donald Trump’s DeFi protocol World Liberty Financial on March 6. As part of it, World Liberty included SUI in its token pool.

With the arrival of Trump and the new administration, the regulatory climate in the United States has softened, causing a surge in crypto fund applications.

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The SEC has delayed decisions on several applications as it awaits Senate confirmation of Trump’s proposed nominee Paul Atkins for chairman. Atkins’ Senate confirmation hearing is scheduled for March 27 and has been postponed due to financial disclosure issues.

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