Canary Capital has submitted its sixth cryptocurrency exchange-traded fund (ETF) proposal to U.S. regulators, aiming to gain 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 will directly hold Sui (SUI), the native token of the layer-1 blockchain utilized for transaction fees and staking.
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 trades at $2.31, reflecting a 1.3% daily gain and a 7.3% increase over the past week, although 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 also needs to file a Form 19b-4, which is a regulatory requirement for ETFs seeking approval. This latest submission follows the firm’s previous ETF applications related to Solana (SOL), Litecoin (LTC), XRP (XRP), Hedera (HBAR), and Axelar (AXL).
This move follows closely on the heels of Sui’s announcement of its 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 this collaboration, World Liberty has incorporated Sui into its “Macro Strategy” token reserve and is exploring further opportunities within its ecosystem.
Trump has expressed intentions to alleviate regulatory pressures on cryptocurrencies, instilling hope that the SEC under his leadership may be more amenable to approving cryptocurrency ETFs. However, the agency has delayed decisions on several pending applications.
SEC Commissioner Hester Peirce recently indicated that the regulator would not finalize a regulatory approach for crypto-related financial products until the Senate confirms Trump’s SEC Chair nominee, Paul Atkins. The confirmation hearing for Atkins, initially postponed due to financial disclosure issues, is reportedly scheduled for March 27.
Bitcoin ETFs Attract $274M in a Day
Bitcoin spot ETFs experienced a significant single-day inflow of $274.59 million on March 17. Conversely, Ethereum spot ETFs continued their downward trajectory, 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. Fidelity’s Bitcoin ETF (FBTC) secured the largest inflow for the day, amounting to $127.28 million, indicating rising institutional interest in Bitcoin exposure.
Meanwhile, ARK & 21Shares’ ARK Bitcoin ETF (ARKB) closely followed, drawing in $88.53 million, showcasing increasing investor interest in funds backed by notable financial institutions.
Grayscale’s Bitcoin offerings reflected mixed results. While the Grayscale Bitcoin Trust (BTC) recorded a slight inflow of $14.22 million, the Grayscale Bitcoin Trust (GBTC) maintained zero net inflow, illustrating its ongoing stagnation.
On the Ethereum front, Grayscale’s Ethereum Trust (ETHE) was the only contributor to the $7.29 million outflow, continuing the trend of declines in Ether-backed investment products.
Key Takeaways
- Canary Capital has filed its sixth crypto ETF application, 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 increasing as the SEC stalls decisions pending Trump’s nominee for SEC Chair.
