Canary Capital, a digital asset investment firm, has announced its application for regulatory approval to launch an exchange-traded fund (ETF) linked to the spot price of Sui, the cryptocurrency native to Sui Network.
Canary Capital's New Application
Canary Capital continues its active engagement in the ETF space. It has now submitted a total of six cryptocurrency ETF filings to the Securities and Exchange Commission (SEC). This initiative is part of an expanding wave of ETF proposals for various digital assets that began after the U.S. elections last November.
Growth of Optimism in the Crypto Market
Since the elections, there has been a significant rise in optimism among cryptocurrency market participants. Steven McClurg, founder of Canary, stated, "There’s been a tremendous shift in the landscape and mood among cryptocurrency market participants since the election." This has fueled hopes that many of these proposed ETFs will be approved by the end of 2025. Additionally, regulators have decreased enforcement actions against major crypto entities and are reviewing the possibility of eliminating rules proposed by the previous administration, which tightened custody requirements for crypto assets.
Popular Cryptocurrencies for ETFs
Canary’s latest filing represents the first attempt to launch an ETF tied to Sui, a cryptocurrency with a market capitalization of over $7.4 billion, placing it among the top 25 digital assets according to CoinMarketCap. To date, issuers have sought approval for ETFs tied to at least 10 different cryptocurrencies beyond bitcoin and ether. Solana and XRP stand out among the most popular coins attracting ETF interest.
Canary Capital continues to expand its efforts to launch innovative financial products in the crypto market. Their latest initiative to create an ETF linked to Sui emphasizes their ambition to take leading positions in the digital asset world.
