A filing to list a SUI exchange-traded fund on Cboe BZX has landed with the SEC

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

The U.S. Securities and Exchange Commission has received a filing for a SUI exchange-traded fund to be listed on Cboe BZX.

The proposal, filed on April 8, was submitted by Cboe BZX Exchange and seeks to list and trade shares of the Canary SUI ETF. The product, if approved, would provide the first opportunity for U.S. investors to gain direct exposure to SUI, the native token of the Sui Network.

The ETF would hold spot SUI and may also engage in staking to earn additional 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 clarifies that the trust will not be classified as an investment company or commodity pool, excluding it from the provisions of the Investment Company Act of 1940 and the Commodity Exchange Act.

In response to the news, SUI experienced a brief rally, briefly rising above the $2 mark. However, the rally lost momentum, and by press time, SUI had declined by 5.9% over the past day, reaching $1.94.

This latest development follows a series of crypto ETF proposals as issuers strive to introduce new products to the market. Canary Capital is known for its filings for ETFs tracking Solana, XRP, and Litecoin.

Earlier this year, Canary made headlines with its proposal for a hybrid ETF combining both cryptocurrency and NFTs. The proposed fund would track the Pudgy Penguins ecosystem, holding the PENGU governance token and a collection of Pudgy Penguins NFTs.

The ETF initiative has gained pace since President Trump took office in January. Since then, the SEC has seen a surge in altcoin ETF filings, including funds targeting memecoins such as Dogecoin and Official Trump.