A filing to list a SUI exchange-traded fund on Cboe BZX has landed with the SEC, setting the stage for potential approval of a spot fund tied to the layer-1 token.
Filed on April 8, the proposal was submitted by Cboe BZX Exchange and seeks regulatory clearance to list and trade shares of the Canary SUI ETF. The product, if approved, would be the first in the U.S. to offer direct exposure to SUI, the native token of the Sui Network.
According to the filing, the ETF would hold spot SUI and may also stake a portion of its holdings to earn rewards. All of the trust’s SUI would be stored in segregated cold wallets maintained by a third-party custodian. The fund’s net asset value would track the CoinDesk SUI USD index, updated daily at 4:00 p.m. ET.
The trust itself was registered as a Delaware statutory trust on February 27, and its S-1 registration was submitted in March. The filing highlights that the trust will not be classified as an investment company or commodity pool, keeping it outside the scope of certain regulatory regimes.
SUI price briefly surged after the news, surpassing the $2 mark, but the rally lost steam. When writing, SUI was down 5.9% over the past day and had fallen to $1.94.
This latest move follows a string of crypto ETF proposals as issuers race to bring new products to market. Canary Capital has been active in this space, previously filing for ETFs tied to assets like Solana, XRP, and Litecoin.
More recently, Canary made headlines with a filing for a first-of-its-kind hybrid ETF combining both cryptocurrency and NFTs. The proposed fund would track the Pudgy Penguins ecosystem, holding the PENGU governance token alongside a collection of Pudgy Penguins NFTs.
The ETF push has gained momentum since President Trump returned to office in January. The SEC has seen a wave of altcoin filings, including funds targeting memecoins like Dogecoin and Official Trump.
