Canary Capital Files Proposal with the SEC for a Spot-Price Sui Token ETF

Canary Capital has filed a proposal with the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) that will track the spot price of the Sui token.

Canary Capital has submitted a proposal for an exchange-traded fund (ETF) that will track the spot price of the Sui token, according to a filing with the U.S. Securities and Exchange Commission (SEC).

The investment firm filed the proposal on Friday through a Form S-1. It is the sixth crypto ETF proposal from Canary Capital this year.

The proposed ETF, called the Canary SUI ETF, will directly hold Sui, the native token of the Sui blockchain, and is expected to trade on the New York Stock Exchange.

Sui is currently the 23rd largest cryptocurrency, with a market value of around $7.36 billion.

As of the latest data, Sui is trading at $2.31, showing an increase of 1.3% over the past 24 hours and 7.3% over the past week. However, the token has decreased by 56.5% from its all-time high of $5.35, which was reached on January 5.

Earlier this month, Canary Capital registered a trust in Delaware for the proposed fund, a step that is necessary before the SEC can begin reviewing the application. The firm will then file a Form 19b-4 with the SEC to proceed with its proposal.

The Sui ETF is the latest in a series of filings from Canary Capital, which has also proposed ETFs tracking Solana, Litecoin, Hedera and Axelar.

The wave of filings follows an announcement by Sui to partner with World Liberty Financial, a crypto platform backed by former U.S. President Donald Trump, earlier this month.

The partnership will include the Sui token in World Liberty Financial’s ‘Macro Strategy’ and explore additional product opportunities.

Trump has expressed plans to relax regulatory enforcement against cryptocurrencies, which could lead to more activity and filings for crypto ETFs.

The final decision from the SEC is pending the confirmation of Trump’s pick for the SEC chair and the integration of his administration's agenda.

The Senate confirmation hearing is set for March 27.

Canary Capital and the wider crypto community are hoping for a more crypto-friendly regulatory environment that could allow the approval of various crypto ETFs.