Canary Capital files for $7.4B SUI ETF

Canary Capital has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch a spot exchange-traded fund (ETF) tracking SUI (CRYPTO:SUI), the native token of the Sui Network.

This move marks the first-ever ETF filing for SUI, which has a market capitalisation of over $7.4 billion.

The filing follows Canary Capital's registration of a statutory trust for the SUI ETF in Delaware on March 6, a prerequisite step before submitting to the SEC.

The ETF aims to provide investors with exposure to SUI's price performance, potentially increasing its liquidity and market capitalisation.

This development comes after World Liberty Financial (CRYPTO:WLFI), a decentralised finance platform backed by Donald Trump, partnered with Sui to include its assets in its strategic reserve and explore product development opportunities.

The partnership announcement led to a significant increase in SUI's value, with the token rising by more than 10%.

Canary Capital's filing is part of a broader strategy to offer institutional-grade access to various cryptocurrencies.

The firm has also submitted filings for ETFs tracking other digital assets, including Litecoin (CRYPTO:LTC), XRP (CRYPTO:XRP), Solana (CRYPTO:SOL), and Hedera (CRYPTO:HBAR).

The SEC has 240 days to review and decide on the ETF application, following a standard procedure that often involves delays to ensure thorough evaluations.

If approved, the SUI ETF would be a significant step towards mainstream adoption of the Sui ecosystem, signaling growing institutional confidence in its technology.

As noted by industry analysts, a successful ETF launch could enhance SUI's market presence by making it more accessible to traditional investors and potentially boosting its trading volume and liquidity.

However, the SEC's decision timeline and the overall regulatory environment will play crucial roles in determining the outcome of this filing.

At the time of reporting, the Sui (SUI) price was $2.33.