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Global asset management firm Canary Capital has filed the S-1 registration for the spot SUI Exchange Traded Fund (ETF). Like many other crypto ETFs, this potential ETF will track the price and market performance of Sui (SUI), a Layer-1 blockchain. To substantiate its S-1 registration and make it more official, Canary Capital is expected to follow up with a 19b-4 filing.
Canary Capital Awaits SEC Verdict on SUI ETF
Noteworthy, this asset manager has quite a couple of crypto ETF applications with the United States Securities and Exchange Commission (SEC); it has yet to get the agency’s decision. However, it has not relented in its efforts to ensure that institutional investors have access to these funds without exposing themselves to the perceived risks associated with the underlying cryptocurrency.
Canary Capital first registered a trust entity in the state of Delaware on March 7, and the filing is on the state’s Division of Corporations website. The recent filing with the SEC is a step forward in listing the potential offering.
Meanwhile, the asset manager made this move only a few days after World Liberty Finance, the Decentralized Finance (DeFi) organization associated with US President Donald Trump, announced plans to have SUI as part of its national reserve.
How is SUI Performance?
Following the news of Canary Capital’s spot SUI ETF filing with the SEC, the asset has registered a notable 3.3% price jump.
At the time of this writing, it traded at $2.34. With a market cap of $7.43 billion, SUI is ranked as the 19th-largest cryptocurrency. Similarly, its trading volume is resting at $699.92 million after a 43.15% surge within the last 24 hours.
Should the SEC greenlight this offering, as it did with Bitcoin and Ethereum ETFs last year, SUI could register new highs.
Canary Capital And its Crypto ETF Episodes
Last year, Canary Capital entered the race to launch a spot XRP ETF right after Bitwise.
In its filing, the firm spelled out its goal of creating an XRP ETF, citing that it aims to provide investors with a seamless way to gain exposure to XRP without directly holding the cryptocurrency.
By design, the proposed ETF would track the price of XRP using the Chicago Mercantile Exchange (CME) CF Ripple index.
This year, Canary Capital has submitted other ETF filings including a 19b-4 filing submitted for spot Hedera (HBAR) ETF by Nasdaq on behalf of the asset manager.
