Canary Capital Proposes ETF SUI Coin, SUI Price Rises 6%

Bittime -  The price of SUI Coin recorded a 6% increase on Monday (18/3), after asset manager Canary Capital officially filed S-1 documents with the Securities and Exchange Commission (SEC) to launch a Sui-based Exchange-Traded Fund (ETF). This move adds to a long list of altcoin ETF applications currently awaiting approval from regulators.

Canary Capital Becomes First to File SUI ETF

In its official filing, Canary Capital stated that the Sui ETF aims to provide investors with exposure to the price performance of SUI — the native token of the Layer-1 blockchain network, Sui. This filing is an important milestone after Canary Capital previously registered On Trusts in Delaware, which is usually a prerequisite before filing an ETF with the SEC.

With this filing, Canary Capital becomes the first company to officially file for an ETF for SUI Coin, demonstrating growing institutional interest in this altcoin.

Also read: Bitcoin Vs Gold Investment in 2025: Which Makes More Money?

Support from Strategic Cooperation

Sui increasingly attracted attention after collaborating with World Liberty Financial, a company owned by former US President, Donald Trump, in early March. This collaboration aims to develop blockchain-based products and add SUI assets to the company's strategic crypto reserves.

A Series of Altcoin ETF Filings

Canary Capital's move did not come alone. Previously, this company had also proposed an ETF for several other popular altcoins such as Litecoin (LTC), XRP, Dogecoin (DOGE), Solana (SUN), And Axles (AXL).

However, until now, the SEC is still delaying decisions on the various ETF applications. This delay is in line with the process also experienced by other large companies such as Grayscale, Bitwise, 21Shares, And WisdomTree, which are both waiting for the regulator's decision.

Delay Factor: Waiting for New SEC Chair

One potential reason for this delay is the confirmation process Paul Atkins, President Trump's preferred candidate for the position of new SEC Chairman. According to ETF analysts from Bloomberg, James Seyffart, delaying the decision is part of standard procedures, where the SEC typically extends the review period to ensure a thorough evaluation. Regulators have until 240 days to approve or reject each ETF application.

SUI Price Strengthens, Investors Start to Look

After the announcement of this ETF application, SUI prices immediately jumped 6%, extending the weekly increase to record double-digit growth. This price increase is a signal that investors are starting to see opportunities to accumulate SUI tokens before an official decision from the SEC.

Conclusion

With a growing number of altcoin ETF applications, including from big players like Canary Capital, the crypto market shows that institutional interest in digital assets continues to grow. If the SUI ETF is approved, it could potentially open up new opportunities for retail and institutional investors to gain exposure to the rapidly growing Sui ecosystem.

FAQ

1. What is a SUI ETF?

The SUI ETF is an Exchange-Traded Fund that provides exposure to the price movements of SUI, the native token of the Sui blockchain network.

2. Who first applied for the SUI ETF?

Canary Capital became the first company to officially file a SUI ETF with the SEC.

3. When will the SEC render a decision on SUI's ETF application?

The SEC has up to 240 days to render a decision on any ETF filing, including the SUI ETF.

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Reference

FX Street, Canary Capital proposes first-ever Sui ETF following S-1 filing with the SEC, accessed March 18, 2025.

Author: MF