Cboe Files with the SEC to Launch a SUI Exchange-Traded Fund

Launched in May 2023, the SUI blockchain is a layer-1 network meant to be an Ethereum and Solana competitor.

Cboe has filed paperwork with the SEC to push forward crypto asset manager Canary's plans for a SUI exchange-traded fund.

Launched in May 2023, the SUI blockchain is a layer-1 network meant to be an Ethereum and Solana competitor.

Nashville, Tennessee-based Canary Capital last month filed with the securities regulator as part of the first step to launch such a product.

atrix. A judge ruled that the SEC’s actions in delaying the applications were unlawful.

With the latest step in the process, Cboe, the company that owns the Chicago Board Options Exchange, will await a response from the SEC on the proposed product.

Asset manager Canary has filed for a number of other altcoin ETFs, including funds that—if approved—would give investors exposure to Pudgy Penguins, Solana, and XRP. The appeal of crypto ETFs has been that they offer investors exposure to an asset without requiring them to buy and custody it themselves.

SUI was recently trading at $1.98, down slightly over the past 24 hours, according to data provider CoinGecko. With a market capitalization of $6.4 billion, it's the 22nd largest cryptocurrency. The SUI network, which was created by former Facebook engineers, uses proof-of-stake consensus, like its major competitors Solala and ETH.

The network is home to projects like SatLayer, which offers Bitcoin staking, and it's also supported by the popular Bitcoin and Solana wallet, Phantom.

But the team has faced some challenges. In October last year, the Sui team countered insider trading allegations after on-chain data appeared to indicate that a wallet associated with the Sui Foundation had realized gains of $400 million following a rapid surge in the SUI token price.

And, similar to its competitor Solana, Sui encountered a network downtime. Activity came to a standstill for two hours in November as developers worked to fix a bug.

The SEC is currently reviewing applications from asset managers such as VanEck, 21Shares, Bitwise, and others. These fund managers are aiming to gain approval for other digital coins and tokens, hoping to replicate the success of the Bitcoin and Ethereum ETFs that were approved last year.