Canary Capital Files S-1 Registration Form with the SEC to Launch a SUI ETF

Canary Capital filed an S-1 registration form with the United States Securities and Exchange Commission (SEC) as part of its application to issue an SUI

Canary Capital has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for a new SUI exchange-traded fund (ETF), which would be the first such offering in the country. The firm is a frequent applicant for crypto ETFs.

Canary’s SUI ETF will be structured as a trust and the firm intends to stake some of its SUI through a combination of providers that will enable the trust to establish validator nodes on the Sui network.

Investors can get exposure to SUI in a variety of ways. The SUI token is the native token of the Sui network, a layer-1 blockchain that was developed by Mysten Labs and is powered by the Move programming language. S-1 documents show that the transactions on the blockchain are executed asynchronously and its speed and scalability make it suitable for gaming and high-frequency trading.

Canary first announced its intentions to create the ETF when it registered a Canary SUI ETF statutory trust in Delaware on March 6.

Before an ETF can be launched, the exchange that will host it has to file form 19b-4 with the SEC. That form requests changes in the rules for the exchange that would allow the new ETF to be listed.

Canary did not specify an exchange in its S-1. However, the firm previously filed an application for an ETF that would track the price of Litecoin with Trustpilot and would be listed on the Nasdaq Stock Market.

This is the first suggestion of a SUI ETF in the United States. However, exchange-traded product issuer Valour has a SUI product on Sweden’s Spotlight Stock Market denominated in Swedish kronor. In addition, Switzerland-based 21Shares offers a SUI staking ETP.

Earlier this year, VanEck filed an application for an exchange-traded note (ETN) that would provide exposure to the SUI token. An ETN also tracks an asset but, unlike an ETF, the issuer does not own any of the assets.

Earlier this year, Ben Franklin Technology Partners IV, a venture capital firm that is part of the close-knit family of U.S. President Donald Trump, announced that it would be investing in SUI as part of a new strategy to invest in promising digital assets.

In November, Sui and Franklin Templeton announced a “strategic partnership”, although it was not clear what the goals of that partnership were.

Grayscale has an exchange-traded note (ETN) that tracks the price of the SUI token. The ETN is a closed fund, whereas an ETF is open-ended.

On March 6, World Liberty Financial, the decentralized finance protocol linked to the family of U.S. President Donald Trump, announced that it would be including SUI in its strategic reserves and it would be exploring product development opportunities with Sui.

Canary Capital has also been making headlines for its applications for several other altcoin ETFs. In December, it was the first to apply for an LTC (Litecoin) ETF.

Canary Capital has filed with the SEC for several crypto ETFs, including Hedera, Solana, and XRP. Canary also runs a digital asset fund that invests in digital assets and crypto equity funds whose prices have fallen below their net asset value.

It seems that altcoin ETFs may become more common. For example, Grayscale has applied for Litecoin, Solana, XRP, and Dogecoin ETFs, while 21Shares is also looking into Solana, XRP, and Polkadot ETFs.

Hashdex applied to the SEC to expand its Hashdex Nasdaq Crypto Index US ETF to include Solana, XRP, Cardano, Chainlink, Avalanche, Litecoin and Uniswap in addition to Bitcoin and Ethereum.