Canary Capital has filed for a spot exchange-traded fund (ETF) tracking Sui (SUI) with the U.S. Securities and Exchange Commission (SEC), marking the first such application for the cryptocurrency.
The asset manager submitted its S-1 registration form to the SEC, as revealed by Bloomberg analyst Eric Balchunas in an X post. The filing follows Canary Capital’s recent move to incorporate the fund in Delaware, signaling an effort to bring institutional investment into SUI.
Canary Capital Expands Crypto ETF Offerings
The filing for a Sui ETF comes amid a broader push by Canary Capital to introduce investment products for digital assets. The firm has also sought regulatory approval for ETFs tied to XRP, Hedera, and Solana. Additionally, just last week, it filed for an ETF tracking Axelar’s AXL token.
By launching these funds, Canary Capital aims to provide institutional investors with exposure to emerging blockchain networks. The Sui ETF, if approved, would allow traditional finance participants to invest in SUI without holding the asset directly.
Sui Foundation and Industry Reactions
The Sui development team welcomed the ETF filing, calling it a significant step in expanding the token’s accessibility. According to the team, Sui has already demonstrated strong adoption, with over $70 billion in decentralized exchange (DEX) trading volume and 67 million unique accounts.
The Sui Foundation echoed this sentiment, stating that Canary’s application underscores growing confidence from traditional finance (TradFi) players. The foundation cited firms such as Grayscale, Franklin Templeton, VanEck, and Ant Financial, which have recently introduced investment products on the Sui network.
If approved, the Sui ETF could further validate the asset’s standing in the broader financial ecosystem, following the increasing institutional interest in digital assets. However, the SEC has yet to make a decision, and the approval process could take months.
