Canary Capital submitted a SUI Exchange-Traded Fund application to the Securities and Exchange Commission on Monday, about one week after an unrelated decentralized finance initiative linked to Trump had added this token to their reserves.
Canary Capital CEO Steven McClurg said: “We have seen an influx of developers to the SUI eco-system, and we think that the speed and efficiency of the chain will lead to a large future uptake.” 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. The firm failed to specify the exchange where its SUI ETF would be traded if it were approved.
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 deal, WLFI is adding SUI tokens to its reserve and exploring product development possibilities with 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 investment options based on digital assets From securities regulators who have softened their views on cryptocurrencies since Donald Trump was elected. VanEck 21 Shares Franklin Templeton, and other asset managers have submitted applications to sell Solana, XRP, and digital asset products in an increasingly crypto friendly regulatory environment.
Canary Capital filed several ETFs in recent months based upon blue-chip cryptos and altcoins. In the fall of last year, Canary Capital submitted S-1 forms are available for Litecoin, HBAR ETFs and HBAR.SEC. The firm’s petitions for funds that track the price of Solana or XRP have made some progress in recent months.
SUI traded at $2.36 Monday morning, an increase of 5.1% over the last 24 hours. You can also read about it here to digital asset data provider CoinGecko. Data from CoinGecko shows that the token is the 22nd largest cryptocurrency, with a total market cap of over $7.4 Billion.
James Rubin, Editor
