Canary Capital proposes first-ever Sui ETF following S-1 filing with the SEC

SUI saw slight gains on Monday as Canary Capital submitted an S-1 application with the Securities & Exchange Commission (SEC) to launch a Sui exchange-traded fund (ETF). This adds to the growing list of altcoin ETF filings awaiting approvals from the regulator.

SUI jumps 6% as Canary Capital files S-1 for Sui ETF

Asset manager Canary Capital submitted an S-1 registration filing with the SEC to launch a Sui ETF on Monday. The ETF aims to offer investors exposure to the price performance of SUI, the native token of the Layer-1 Sui blockchain network.

Canary Capital's filing makes it the first firm to apply for an SUI ETF after registering a Sui Trust in Delaware earlier in the month. This procedure comes before an ETF filing, as it often is a prerequisite to applying with the SEC. 

Sui has also attracted recent partnerships, including one with President Donald Trump's World Liberty Financial earlier n March. The collaboration aims to explore product development opportunities and buy Sui assets into its strategic cryptocurrency reserve.

Canary Capital's latest application follows a series of recent filings by the asset manager to launch several altcoin ETFs, including Litecoin, XRP, Dogecoin, Solana and Axelar filings.

However, the SEC recently announced a delay in its decision concerning these ETF applications. This goes along with several other altcoin ETF filings from firms such as Grayscale, Bitwise, 21Shares and WisdomTree.

The delays may partly be due to the pending confirmation of Paul Atkins — President Trump's official pick — as the new SEC chair.

Bloomberg ETF analyst James Seyffart noted that these delays are standard procedures for the SEC. 

The agency often extends review periods to ensure thorough evaluations, and final deadlines for decisions are typically set months ahead. Regardless, the SEC has 240 days to decide whether to approve or deny each altcoin ETF filing.

SUI rose 6% following the announcement, extending its weekly gains to double-digit figures. This signals that investors may be looking to capitalize on the recent filing to begin stacking the token.