Canary Capital Files for SUI ETF With SEC

Canary Capital, a digital asset management firm, filed an application with the U.S. Securities and Exchange Commission (SEC) on March 17, 2025, to launch an exchange-traded fund (ETF) tracking the SUI token, the native cryptocurrency of the SUI blockchain.

SEC to Review Canary Capital’s SUI ETF Proposal Filed March 17

The SUI blockchain, developed by Mysten Labs—founded by former Meta engineers—is a layer one (L1) platform designed for fast, secure digital asset transactions using the Move programming language. SUI tokens facilitate network governance, staking, and transaction fees, with prices fluctuating between $2.25 and $2.30 following the filing announcement.

An ETF would allow investors to gain exposure to SUI’s price movements without directly holding the token. The filing includes an S-1 registration statement, a critical step in the SEC’s approval process. If greenlit, the ETF could enhance SUI’s liquidity and attract institutional capital, though approval timelines remain uncertain. Historical precedents, such as bitcoin and ethereum ETFs, suggest the process could take months.

Approval may partly hinge on SUI’s regulatory classification. While bitcoin ( BTC) and ethereum ( ETH) are treated as commodities, SUI’s status remains unclear. Analysts speculate its decentralized structure may align with commodity definitions, but the SEC has not ruled definitively on a wide array of tokens associated with new ETF filings in 2025.

The filing follows Canary Capital’s registration of a SUI ETF trust in Delaware on March 6, part of a broader push for altcoin ETFs. Competitors like Grayscale have pursued similar products, signaling rising institutional interest in crypto investment vehicles.

Despite bullish projections—including price targets up to $7—SUI faces hurdles. Market volatility and regulatory ambiguity could delay or derail approval. The SEC may require amendments to the filing, extending the review period. Stakeholders await further developments as the agency evaluates compliance and investor risks.