Canary Capital Files With SEC for First Ever Sui ETF

Canary Capital has filed for an ETF tracking Sui, making it the first investment firm to seek regulatory approval for an exchange-traded product focused on this growing blockchain platform.

In a Monday Form S-1 filing to the Securities and Exchange Commission, the crypto investment firm requested to list the Canary SUI ETF, which would hold SUI directly. The filing didn't include information on what exchange it would trade on or the proposed ticker symbol.

The exchange-traded fund would aim to track the price of SUI tokens while subtracting management fees and expenses, according to the filing, and would determine its daily value based on SUI prices provided by CoinDesk Indices.

Crypto Market Grows

As the crypto market grows beyond Bitcoin and Ethereum, Canary's latest filing highlights how the industry has moved to target smaller-cap cryptocurrencies. The firm has been active in the crypto ETF space, having previously filed for ETFs tracking Solana, Litecoin, XRP, Hedera and Axelar.

The move comes amid increased regulatory interest in cryptocurrency investment vehicles. The Trump administration has promised more favorable regulatory treatment for the crypto industry, which has sparked numerous ETF filings in recent months.

What is Sui?

Sui is a layer-1 blockchain platform designed to support applications in decentralized finance and non-fungible token (NFTs), according to CoinMarketCap. Founded by former members of Meta Platform's (META) blockchain team, Sui aims to address issues of scalability and security.

The token serves multiple functions within the Sui Network, including staking to secure the blockchain, paying transaction fees, utility across applications and governance participation.

As of midday Tuesday, Sui's native token, SUI, is trading at about $2.25. With 3.2 billion tokens in circulation, Sui has a market value of around $7.1 billion, making it the 19th-largest cryptocurrency by market capitalization.

The price of SUI has experienced some recent volatility, having fallen 58% from its Jan. 6 all-time peak of $5.35, according to CoinMarketCap data. The token is up about 3% over the past week, though it has fallen about 4% over the past day.