Canary Capital Group, a digital assets investment firm, announced on Monday its pursuit of regulatory approval to launch an exchange-traded fund (ETF) linked to the spot price of Sui, a cryptocurrency associated with Sui Network. This filing marks Canary’s sixth cryptocurrency-related submission to the Securities and Exchange Commission.
The move adds to the increasing number of new ETF filings for various cryptocurrencies seeking regulatory approval. Optimism has surged within the digital assets space, fueled by expectations of regulatory changes. Steven McClurg, founder of Canary Capital, noted a considerable shift in sentiment among cryptocurrency market participants. He expressed optimism regarding the prospects of numerous filings receiving approval before the end of 2025.
Regulatory actions indicate a shifting landscape. Enforcement actions against prominent cryptocurrency entities have been reduced, and consideration is being given to revising proposed rules that would tighten custodial requirements for investment advisors handling cryptocurrencies. According to McClurg, the SEC’s approval of new ETFs may be contingent on the Senate’s confirmation of Paul Atkins, President Trump’s nominee for SEC chair.
Canary’s filing is the first to propose an ETF tied to Sui, a cryptocurrency with a market capitalization exceeding $7.4 billion. CoinMarketCap data places Sui among the top 25 largest cryptocurrencies. Beyond Bitcoin and Ether, which saw ETFs launched in 2024, issuers have sought regulatory approval to list ETFs on at least ten other coins. Solana and XRP, associated with Ripple, are among the most popular, each having six pending ETF applications with the SEC.
