Canary Capital Group, a digital assets investment firm, announced on Monday that it is seeking approval from regulators to launch an exchange-traded fund (ETF) linked to the spot price of Sui, a cryptocurrency associated with the Sui Network, a blockchain service provider. This marks the sixth cryptocurrency-related ETF filing from Canary, further expanding the growing list of cryptocurrency ETFs seeking regulatory approval.
Surge in Cryptocurrency ETF Filings
Canary’s filing adds to a rising number of new ETF filings tied to a variety of cryptocurrencies, a trend that has gained momentum since the election of President Donald Trump last November. Trump’s administration’s pledge to reform the regulatory landscape surrounding digital assets has fostered optimism that the Securities and Exchange Commission (SEC) will move swiftly to approve a significant number of pending filings.
Steven McClurg, founder of Canary, commented on the shifting mood in the market, saying, “There’s been a tremendous shift in the landscape and mood among cryptocurrency market participants since the election.” He expressed optimism, stating, “I’m pretty optimistic that we’re on track to see many of these approved before the end of 2025.”
Regulatory Landscape Changes
Regulators have already dropped enforcement actions against several major cryptocurrency industry players and are considering revising rules introduced by the previous administration that would have imposed stricter custody requirements on investment advisors handling cryptocurrencies. However, McClurg noted that the SEC is unlikely to approve any new ETFs until Paul Atkins, Trump’s nominee for SEC chair, is confirmed by the Senate.
The Sui Coin and ETF Filing
Canary’s filing is the first attempt to launch an ETF tied to Sui, a cryptocurrency with a market capitalization exceeding $7.4 billion, positioning it among the top 25 largest coins, according to CoinMarketCap. This move represents a notable development in the growing interest in launching ETFs based on cryptocurrencies beyond the most well-known assets like bitcoin and ether.
To date, issuers have filed for regulatory approval for ETFs based on at least 10 cryptocurrencies other than bitcoin and ether, with Solana and XRP—associated with the Ripple crypto company—emerging as the most popular new coins, each having six ETF applications pending with the SEC.
As the crypto market continues to expand, regulators and market participants alike are closely watching how the SEC handles these new filings, which could pave the way for increased adoption of digital asset-based ETFs in the US.
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