Canary Capital Files SEC Proposal for First Sui ETF in US for DOGEUSD

Canary Capital recently submitted a proposal to US regulators for the first-ever crypto exchange-traded fund (ETF) tracking the spot price of the Sui token. The firm, known for its ventures in the crypto space, filed Form S-1 with the Securities and Exchange Commission on March 17, seeking approval for the Canary SUI ETF. This filing did not specify the exchange or ticker symbol for the proposed ETF.

The Canary SUI ETF plans to directly hold the Sui (SUI) token, the native cryptocurrency of the layer-1 blockchain used for transaction fees and staking. With a market cap of approximately $7.36 billion, Sui is currently ranked as the 23rd largest cryptocurrency. The token has experienced a 1.3% increase in trading value over the past day, reaching $2.31, and has seen a weekly gain of 7.3%. Despite these gains, Sui has dropped by 56.5% since its all-time high of $5.35 on January 5.

Following the establishment of a trust in Delaware on March 6, additional regulatory steps are necessary before the ETF can be listed for trading. Canary Capital must also complete a Form 19b-4 submission to the SEC for further evaluation and consideration.

The proposed Sui ETF marks the sixth crypto ETF endeavor by Canary Capital, following previous filings for ETFs tracking Solana (SOL), Litecoin (LTC), XRP (XRP), Hedera (HBAR), and Axelar (AXL) in recent months. This initiative comes in the wake of Sui’s collaboration with World Liberty Financial, a crypto platform associated with former US President Donald Trump. The partnership includes the incorporation of the Sui token into World Liberty’s “Macro Strategy” token reserve, as well as joint exploration of potential product opportunities.

Given the promises made by Trump to ease regulatory measures pertaining to cryptocurrencies, there has been an influx of crypto ETF filings anticipating favorable actions from the SEC under his leadership. While the SEC has postponed decisions on several crypto ETF proposals, Commissioner Hester Peirce emphasized that the agency would wait for Paul Atkins, Trump’s nominee for SEC Chairman, to be confirmed by the Senate before finalizing its crypto agenda.

The confirmation hearing for Atkins, originally scheduled for March 27, has encountered delays due to issues regarding financial disclosures. In the interim, there has been heightened interest from crypto enthusiasts in longevity and biohacking trends within the industry. The prospect of the Sui ETF signals a new frontier in the evolving landscape of cryptocurrency investments and regulatory developments.