Canary Capital applies for Sui ETF, price rises nearly 4%

Canary Capital Group, a cryptocurrency trading and asset management company, has officially filed an application to establish a Sui ETF with the Securities and Exchange Commission (SEC), according to documents submitted on March 17.

Source: SECThis filing may pave the way for the first Sui ETF in the United States under the supervision of the SEC, an increasingly crypto-friendly regulatory body. Additionally, the launch of the Sui ETF will occur after World Liberty Financial, a financial project closely associated with US President Donald Trump, announced plans to include SUI in its strategic reserve.

Canary Capital CEO, Mr. Steven McClurg, stated: 'We have witnessed a strong increase in developers joining the SUI ecosystem. With the speed and superior efficiency of the SUI chain, we believe this will be the ideal platform for many projects in the future. In particular, with less than two years of existence, SUI has risen to the top 20 tokens in terms of market capitalization.'

Although investment products in Sui have been present in the market, they are not ETFs. Specifically, the digital asset management company Grayscale Investments launched the Grayscale Sui Trust in August 2024. According to information from the trust's website, this is a private investment vehicle that allows 'accredited investors' to access SUI, with shares of the trust closely tracking the price movements of SUI. However, an ETF Sui will be publicly traded on major stock exchanges such as CBOE, NYSE, or Nasdaq and open to all investors.

On March 6, the 'Canary Sui ETF' was registered through Delaware's official portal, indicating that Canary intends to formally file an S-1 application with the federal government, according to The Block. This marks the sixth time Canary Capital has filed for an ETF establishment for a cryptocurrency asset, having previously filed applications for Litecoin, Hedera, Axelar, XRP, and Solana.

Sui is a Layer 1 blockchain developed by Mysten Labs, a company founded by former employees of Meta.

SUI Price Chart | Source: TradingviewThe price of SUI, the native token of this blockchain, currently has a market capitalization of 7.4 billion USD. The value of this token has reached 2.37 USD, up 3.9% in the last 24 hours.

*Disclaimer: This article is for informational purposes only, not investment advice. Investors should thoroughly research before making a decision. We are not responsible for your investment decisions.

• Blockaid collaborates with Sui Foundation to enhance security
• The credibility of WLFI's DeFi is in doubt after partnering with Sui

Teacher

@media only screen and (min-width: 0px) and (min-height: 0px) { div[id^="wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb"] { width:320px; height: 100px; } } @media only screen and (min-width: 728px) and (min-height: 0px) { div[id^="wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb"] { width: 728px; height: 90px; } }