Canary Capital Seeks Approval for Sui-Based Cryptocurrency ETF
Canary Capital Group, a digital assets investment firm, has submitted an application to regulators to launch an exchange-traded fund (ETF) linked to the spot price of Sui, a cryptocurrency. The filing marks Canary’s sixth cryptocurrency-related application with the Securities and Exchange Commission (SEC). This action is part of a broader trend of new ETF filings for different cryptocurrencies as the industry anticipates changes in the regulatory environment.
This recent wave of filings began after the November 2024 election, reflecting optimism that the SEC’s regulatory approach will become more accommodating under new leadership. Former President Donald Trump’s expressed intention to reform the regulations governing digital assets has contributed to this positive outlook.
“There’s been a tremendous shift in the landscape and mood among cryptocurrency market participants since the election,” noted Steven McClurg, founder of Canary Capital. “I’m pretty optimistic that we’re on track to see many of these approved before the end of 2025.”
The SEC is expected to delay approving new ETFs until Paul Atkins, Trump’s nominee for SEC chair, is confirmed by the Senate.
Canary’s filing represents the first attempt to launch an ETF tied to Sui, a digital asset with a market capitalization exceeding $7.4 billion. According to digital assets data and trading firm CoinMarketCap, this places Sui within the 25 largest cryptocurrencies.
Beyond Bitcoin and Ether, which have had ETFs available since 2024, issuers have applied for regulatory permission to list ETFs on at least 10 other cryptocurrencies. Solana and XRP, associated with Ripple, are the most popular among issuers, each with six pending ETF applications with the SEC.
