Canary Capital files with SEC for what could be the first Sui ETF

Canary Capital Group, an institutional crypto trading and management firm, filed for a Sui exchange-traded fund (ETF) with the Securities and Exchange Commission, according to a Mar. 17 filing with the agency.

The fresh filing could pave the way for the first Sui ETF in the United States under an SEC thats more amiable to cryptocurrency and related investment products. Moreover, the Sui ETF would emerge after World Liberty Financial, a decentralized financial project linked to U. S. President Donald Trump, noted plans to put SUI in its strategic reserves.

"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. For a chain that has been in existence for less than two years, it is already a top 20 market cap token. "

Sui investment products already exist, even if theye not ETFs. For instance, the crypto asset manager Grayscale Investments launched the Grayscale Sui Trust in August 2024. According to the trusts website, its a private investment vehicle that gives "accredited investors" exposure to SUI, in which the trusts shares track with SUIs price movements. A Sui ETF would trade on a public stock exchange, such as CBOE, NYSE, or Nasdaq, and would be open to any investor.

On March 6, the "Canary Sui ETF" was created via an official Delaware registration portal, suggesting Canary would proceed with an official S-1 filing at the federal level, The Block previously reported. The Sui filing marks Canarys sixth crypto asset ETF filing alongside Litecoin, Hedera, Axelar, XRP and Solana.

Sui is a Layer 1 blockchain created by Mysten Labs, a firm founded by former Meta employees. The blockchains native token, SUI, maintains a $7. 4 billion market capitalization. The tokens price reached $2. 35, rising 3. 15% in the past 24 hours as of publication, according to The Blocks SUI Price page.

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