Canary Capital has submitted its sixth proposal for a crypto exchange-traded fund (ETF) to US regulators, this time focused on tracking the spot price of the Sui crypto token.
In a filing made on March 17, the investment firm requested to list the Canary SUI ETF, although it did not specify the exchange on which it would be traded or the proposed ticker symbol.
The ETF is designed to directly hold Sui (SUI), the native token of the layer-1 blockchain that is utilized for transaction fees and staking. Sui currently ranks as the 23rd largest cryptocurrency, boasting a market capitalization of approximately $7.36 billion, according to CoinGecko.
Over the past day, Sui’s price has risen by 1.3% to reach $2.31, and it has seen a weekly gain of 7.3%. However, it is still down 56.5% from its record high of $5.35 set on January 5.
In the past 24 hours, Sui’s price peaked at $2.38 before experiencing a slight decline.
On March 6, Canary established a trust in Delaware for the fund and must submit a Form 19b-4 to the SEC prior to any consideration for trading approval.
This filing marks Canary’s sixth attempt to launch a crypto ETF with the SEC. Recently, the firm has also filed for ETFs aimed at tracking Solana (SOL), Litecoin (LTC), XRP (XRP), Hedera (HBAR), and Axelar (AXL).
The announcement follows Sui’s partnership with World Liberty Financial, a crypto platform affiliated with former President Donald Trump, which was disclosed on March 6. This collaboration involves including the Sui token in World Liberty’s “Macro Strategy” token reserve and exploring additional product opportunities together.
Trump has indicated plans to ease regulatory scrutiny around crypto, fueling a wave of ETF applications amid optimism that the SEC may approve them under his administration.
While the SEC has postponed decisions on numerous crypto ETF filings, Commissioner Hester Peirce mentioned last month that the agency would await the Senate’s confirmation of Trump’s nominee to lead the SEC, Paul Atkins, before establishing a crypto agenda.
A Senate confirmation hearing for Atkins is reportedly set for March 27, having been pushed back due to concerns over financial disclosures.