Canary Capital and 21Shares File for New Crypto ETFs

Canary Capital Group and 21Shares have each filed Form S-1 registration statements with the Securities and Exchange Commission for ETFs tracking emerging blockchain tokens, expanding the growing lineup of funds awaiting regulatory approval.

Canary has filed for a Staked Sei ETF that would both track Sei's price and generate additional tokens through staking in the network's validation process, according to the filing. The proposed fund would split custody between BitGo Trust Company and Coinbase Custody Trust Company, using CoinDesk Indices for pricing.

21Shares has submitted its own S-1 for a Sui ETF that would track Sui token prices based on the CME CF Sui-Dollar Reference Rate, with Coinbase Custody securing the fund's assets, according to the filing.

What Differentiates the Sei & Sui Blockchains

These ETFs focus on newer blockchain networks built specifically for trading applications. Sei, ranked as the 64th-largest cryptocurrency with a $1.1 billion market cap, according to CoinMarketCap, is a high-performance blockchain that processes multiple transactions simultaneously rather than sequentially, resulting in faster execution times and lower fees.

According to filing documents, the network employs a "Twin-Turbo" architecture that enhances transaction processing capacity by combining efficient block propagation with optimized execution processes. This makes it especially suitable for decentralized exchanges and trading platforms where speed is critical.

Sui, as described in its registration filing, operates on similar technical principles. The network utilizes advanced consensus mechanisms for parallel transaction processing, designed specifically for applications requiring minimal latency. Both networks aim to provide institutional-grade performance for decentralized financial applications.

Digital Asset ETF Expansion

Canary Capital has filed for several digital asset funds recently, including those for PENGU, Sui, HBAR and Litecoin. Its recent Tron ETF filing included a staking feature similar to that of the proposed Sei fund.

Read More: Canary Capital Files for New Staked TRX ETF

These applications add to the growing list of digital asset ETFs awaiting SEC review. Earlier this week, Nasdaq filed to list a 21Shares Dogecoin ETF, adding another option to the expanding menu of potential investment products.

Read More: Nasdaq Seeks SEC Nod to List 21Shares Dogecoin ETF