Canary Capital has submitted its sixth cryptocurrency exchange-traded fund (ETF) proposal to U.S. regulators, this time seeking approval for an ETF tracking the spot price of Sui (SUI).
The firm filed a Form S-1 with the Securities and Exchange Commission (SEC) on March 17, requesting to list the Canary SUI ETF. However, the filing did not specify which exchange the ETF would trade on or its proposed ticker symbol.
If approved, the fund would directly hold Sui (SUI), the native token of the layer-1 blockchain used for transaction fees and staking.
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Sui is 23rd Largest Cryptocurrency with $7.36B Market Cap
Currently, Sui ranks as the 23rd largest cryptocurrency, boasting a market capitalization of approximately $7.36 billion. It is trading at $2.31, marking a 1.3% daily gain and a 7.3% increase over the past week, though it remains down 56.5% from its all-time high of $5.35 in early January.
Before the SEC considers listing the ETF for trading, Canary must also file a Form 19b-4, a regulatory requirement for ETFs seeking approval. This latest submission follows the firm’s earlier filings for ETFs tied to Solana (SOL), Litecoin (LTC), XRP (XRP), Hedera (HBAR), and Axelar (AXL).
The move comes just weeks after Sui announced a partnership with World Liberty Financial, the crypto platform backed by former U.S. President Donald Trump.
Canary just filed for a SUI ETF pic.twitter.com/YyqDfsNsN0
— Eric Balchunas (@EricBalchunas) March 17, 2025
As part of the collaboration, World Liberty included Sui in its “Macro Strategy” token reserve and is exploring additional opportunities within the ecosystem.
Trump has pledged to ease regulatory pressures on crypto, fueling optimism that the SEC under his administration may be more open to approving crypto ETFs. However, the agency has so far delayed decisions on multiple pending applications.
SEC Commissioner Hester Peirce recently indicated that the regulator would wait until the Senate confirms Trump’s SEC Chair nominee, Paul Atkins, before finalizing a regulatory approach for crypto-related financial products.
The confirmation hearing for Atkins, initially delayed due to financial disclosure issues, is reportedly set for March 27.
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Bitcoin ETFs Attract $274M in a Day
Bitcoin spot ETFs recorded a strong single-day inflow of $274.59 million on March 17. In contrast, Ethereum spot ETFs continued their downward trend, with a $7.29 million net outflow, extending a nine-day streak of withdrawals, according to SoSoValue data.
BlackRock’s iShares Bitcoin Trust (IBIT) led the Bitcoin inflows, attracting $42.26 million in new capital. Fidelity’s Bitcoin ETF (FBTC) saw the highest inflow for the day, securing $127.28 million, highlighting rising institutional demand for Bitcoin exposure.
Meanwhile, ARK & 21Shares’ ARK Bitcoin ETF (ARKB) followed closely, pulling in $88.53 million, reflecting increasing investor interest in funds backed by prominent financial firms.
Grayscale’s Bitcoin offerings showed mixed results. While the Grayscale Bitcoin Trust (BTC) registered a modest inflow of $14.22 million, the Grayscale Bitcoin Trust (GBTC) recorded zero net inflow, maintaining its recent stagnation.
On the Ethereum side, Grayscale’s Ethereum Trust (ETHE) was the sole driver of the $7.29 million outflow, continuing a downward trend in Ether-backed investment products.
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Key Takeaways
- Canary Capital has filed its sixth crypto ETF application, this time seeking approval for a spot Sui (SUI) ETF.
- Sui ranks as the 23rd largest cryptocurrency with a $7.36 billion market cap but remains 56.5% below its all-time high.
- Optimism for crypto ETF approvals is growing as the SEC delays decisions pending Trump’s nominee for SEC Chair.
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