Canary Capital Group, a digital assets investment firm, has officially submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tied to the spot price of Sui, the cryptocurrency associated with the Sui Network blockchain platform.
Canary Expands ETF Portfolio
This latest filing marks Canary’s sixth cryptocurrency-related ETF application, further expanding the growing list of digital asset ETFs seeking regulatory approval. Since President Donald Trump’s election in November, the number of such filings has surged, as optimism grows over potential regulatory shifts.
Regulatory Climate Favors New Crypto ETFs
Canary’s founder, Steven McClurg, noted that the evolving regulatory landscape has significantly improved the prospects for crypto ETFs. “There’s been a tremendous shift in the landscape and mood,” he said. “I’m pretty optimistic that we’re on track to see many of these approved before the end of 2025.”
Regulators have already relaxed enforcement actions against major crypto firms and are reconsidering stringent custody rules for investment advisors handling digital assets. These changes have fueled speculation that a broader range of crypto ETFs could soon be approved.
SEC Awaits New Leadership Before Approving ETFs
Despite growing momentum, McClurg believes the SEC is unlikely to approve new ETFs until Trump’s nominee for SEC Chair, Paul Atkins, is officially confirmed by the Senate. Atkins’ appointment is expected to play a pivotal role in shaping the regulatory environment for digital assets.
Sui ETF: A First in the Market
Canary’s application is the first attempt to introduce an ETF linked to Sui, a cryptocurrency with a market capitalization exceeding $7.4 billion. This places Sui among the top 25 cryptocurrencies, according to CoinMarketCap data.
So far, issuers have submitted applications for ETFs on at least 10 different cryptocurrencies beyond Bitcoin and Ethereum, which were the first digital assets to receive ETF approval in 2024. Among the most sought-after new crypto ETFs are those linked to Solana and XRP, with six applications pending for each.
As regulatory developments continue to unfold, the approval of these ETFs could significantly influence the broader adoption and market valuation of cryptocurrencies in the coming years.