Cboe BZX Exchange has submitted a filing to the U.S. Securities and Exchange Commission (SEC) seeking approval for the first-ever exchange-traded fund (ETF) focused on SUI, the native token of the Sui Network. The proposal, filed on April 8, marks a significant step toward offering direct exposure to SUI through a spot fund.
The proposed Canary SUI ETF would hold spot SUI and may also stake a portion of its holdings to earn rewards. All of the fund’s SUI assets would be securely stored in segregated cold wallets, managed by a third-party custodian. The fund’s net asset value would track the CoinDesk SUI USD index, which is updated daily at 4:00 p.m. ET.
Registered as a Delaware statutory trust on February 27, the Canary SUI ETF submitted its S-1 registration in March. The filing clarifies that the trust would not be classified as an investment company or commodity pool, thereby avoiding certain regulatory frameworks.
The announcement briefly caused a surge in the price of SUI, which surpassed $2 before falling back. At the time of writing, SUI was down 5.9% in the past 24 hours, trading at $1.94.
This latest filing is part of a broader trend of crypto ETF proposals, with issuers racing to launch new products in the market. Canary Capital, known for filing ETFs tied to assets like Solana, XRP, and Litecoin, has also made headlines with its recent filing for a hybrid ETF, combining cryptocurrency and NFTs. This fund would track the Pudgy Penguins ecosystem, holding both the PENGU governance token and a collection of Pudgy Penguins NFTs.
The recent surge in ETF filings follows a wave of altcoin-focused proposals, which has gained momentum since President Trump’s return to office in January.
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