Canary Capital Seeks SEC Approval for First Spot Sui ETF

Canary Capital Group, a digital asset investment firm, announced on Monday that it is seeking regulatory approval to launch an exchange-traded fund (ETF) linked to the spot price of Sui, the cryptocurrency native to Sui Network, a blockchain service provider.

With this latest move, Canary now has six cryptocurrency ETF filings submitted to the Securities and Exchange Commission (SEC). The application adds to the expanding wave of ETF proposals for a variety of digital assets that have been filed since President Donald Trump’s election last November. Optimism has been rising that the SEC, under new leadership, will accelerate the approval process for many of these filings, driven by Trump's vow to overhaul the regulatory approach to digital assets.

“There’s been a tremendous shift in the landscape and mood among cryptocurrency market participants since the election,” said Steven McClurg, founder of Canary. “I’m pretty optimistic that we’re on track to see many of these approved before the end of 2025.”

Since the election, regulators have already dropped enforcement actions against several major players in the crypto space and are reviewing the possibility of eliminating rules proposed by the previous administration, which would have imposed stricter custody requirements on investment advisors handling crypto assets. However, according to McClurg, the SEC is unlikely to move forward with ETF approvals until Paul Atkins—Trump’s nominee for SEC chair—is confirmed by the Senate.

Canary’s latest filing marks the first attempt to launch an ETF tied to Sui, a cryptocurrency with a market capitalization of over $7.4 billion, placing it among the top 25 digital assets, according to CoinMarketCap. To date, issuers have sought approval for ETFs tied to at least 10 different cryptocurrencies beyond bitcoin and ether, which both saw the debut of their respective ETFs in 2024.

Among the most popular coins attracting ETF interest are Solana and XRP—the token linked to Ripple—with six ETF applications each currently pending before the SEC.