Cboe has filed paperwork with the SEC to push forward crypto asset manager Canary's plans for a SUI exchange-traded fund.
The SUI Blockchain was launched in May 2023 as a layer-1 competitor to Ethereum and Solana.
Canary Capital of Nashville, Tennessee filed with the securities regulatory agency last month as the first step in launching a similar product.
Cboe will wait for the SEC to respond on this proposed product.
Asset manager Canary has filed for a number of other altcoin ETFs, including funds that—if approved—would give investors exposure to Pudgy Penguins, Solana, and XRP. Crypto ETFs are attractive because they allow investors to gain exposure to assets without having to purchase and store them themselves.
According to CoinGecko, SUI recently traded at $1.98. This is a slight decrease over the last 24 hours. With a market capitalization of $6.4 billion, it's the 22nd largest cryptocurrency. SUI was created by Facebook engineers and uses a proof-ofstake consensus just like SOL, ETH, or SOL.
The network is home to projects like SatLayer, which offers Bitcoin staking, and it's also supported by the popular Bitcoin and Solana wallet, Phantom.
The team faced some difficulties. The Sui team countered allegations of insider trading in October, last year. On-chain data appeared to show that an account linked to the Sui Foundation made $400 million profit after SUI tokens experienced a price spike.
Sui, too, has experienced network failures, just like Solana. The activity ceased for about two hours during November as developers tried to resolve a problem.
SEC officials are currently reviewing documents from asset managers VanEck and 21Shares. Bitwise is also included. Following the approval of Bitcoin and Ethereum ETFs last year, fund managers hope to receive the greenlight for the other digital tokens and coins.
Stacy Elliott is the editor.
