Canary Capital Moves to Launch SUI ETF Amid Growing Institutional Interest

18. Mar 2025 Posted by Laurent C. on News

Canary Capital has taken a significant step toward introducing a Sui (SUI) exchange-traded fund (ETF), filing the necessary paperwork with the Securities and Exchange Commission (SEC). The hedge fund submitted an S-1 registration statement on Monday, following its earlier establishment of a trust entity in Delaware on March 7, as reflected in state records.

This move aligns with Canary Capital’s broader push into the crypto ETF space. In recent months, the firm has also filed applications for ETFs tied to Dogecoin (DOGE), Solana (SOL), and XRP, signaling its intent to expand investment options in the digital asset sector.

What is Sui?

Sui is a layer-1 blockchain designed for high throughput and low-latency transactions. Developed by Mysten Labs, Sui leverages a unique object-centric data model and the Move programming language to enhance scalability and efficiency. Unlike traditional blockchains that rely on sequential transaction processing, Sui enables parallel execution, significantly boosting its performance capabilities.

Launched in May 2023, Sui has quickly gained traction in the decentralized finance (DeFi) and gaming sectors. The network boasts a total value locked (TVL) of approximately $400 million and supports various applications, including non-fungible tokens (NFTs), DeFi platforms, and on-chain games.

SUI ETF Filing and Market Trends

The timing of the SUI ETF filing coincides with rising institutional attention toward the Sui blockchain. Just ten days earlier, Trump-affiliated DeFi platform World Liberty Financial (WLFI) announced plans to add SUI to its token reserves and explore new product opportunities. The announcement briefly lifted SUI’s price, which currently sits at $2.34. Despite a strong 52% gain over the past year, SUI has seen a 31% decline in the last month.

With the S-1 filing now in place, Canary Capital is expected to follow up with a 19b-4 submission, which would formalize its intent to bring the SUI ETF to market. If approved, the fund could provide institutional investors with an easier pathway to gain exposure to the layer-1 blockchain’s growing ecosystem.