Canary Capital Files Application With SEC for SUI-Based ETF

Canary Capital filed Monday with the Securities and Exchange Commission to launch a SUI exchange-traded fund, roughly a week after a Trump-linked decentralized finance project added the token to its reserves. 

“We’ve seen a significant migration of developers into the SUI ecosystem, and given the chain’s speed and efficiency, we believe it is primed for substantial future adoption,” Canary Capital CEO Steven McClurg told Decrypt in an email.

The filing comes roughly two weeks after Canary Capital registered a Delaware Trust entity for a SUI ETF—the first step to creating an investment vehicle tracking the altcoin’s price. In its application, the firm did not name the exchange on which its SUI ETF, if approved, would trade. 

Canary Capital’s push to launch a SUI ETF comes 10 days after the Trump-affiliated World Liberty Fi collective announced its deal with the token’s issuer, Sui Network. Under the agreement, WLFI will add SUI to its reserves and explore product development opportunities with the layer-1 blockchain. 

The Nashville-based firm’s bid to offer a SUI-based investment vehicle comes amid a broad push by issuers to secure approvals for a variety of digital asset-based investment products from securities regulators that have softened their stances on cryptocurrencies under newly elected President Donald Trump. Amid that increasingly crypto-friendly regulatory environment, asset managers such as VanEck, 21 Shares and Franklin Templeton have filed to offer Solana and XRP ETFs, among other digital asset-based products. 

Joining the fray, Canary Capital has filed to launch several ETFs based on blue-chip cryptocurrencies and altcoins over the past few months. Last fall, the investment firm submitted S-1 forms for Litecoin and HBAR ETFs to the SEC. And, more recently, the firm has made progress on its petitions to roll out funds tracking the prices of Solana and XRP.

SUI was recently trading at $2.36 on Monday, up 5.1% in the past 24 hours, according to digital asset data provider CoinGecko. The token is the 23rd largest cryptocurrency with a market value of more than $7.4 billion, the same data shows.

Edited by James Rubin