- Canary Capital’s proposed Sui ETF would allow staking rewards through trusted providers.
- For security, Sui’s network uses a dual-layer consensus model called Narwhal and Bullshark.
- The Sui Network’s fully diluted market capitalization exceeds $22.5 billion as of April 2025.
The U.S. Securities and Exchange Commission (SEC) must approve an ETF spot Sui exchange-traded fund (ETF) application submitted by Canary Capital. A 19b-4 form at Cboe BZX Exchange was an application to obtain authority for the Canary SUI ETF listing and trading. An approval from the SEC would make the Canary SUI ETF the initial fund to follow SUI digital asset performance indexes.
The ETF wants to utilize trust-based holding providers to stake some of its assets. According to the document filing, the trust would get stake rewards in exchange, which might be considered taxable income. Canary Capital established a Delaware statutory trust in March to develop its product.
Unique Features of the SUI Network
Narwhal, along with Bullshark, forms the dual-layer consensus system that powers the SUI network operations. The dual-layer consensus mechanism boosts SUI’s transaction efficiency and scalability because it supports its growing popularity as a crypto network. The revolutionary design structure establishes robust base elements that potentially will boost the ETF’s performance.
According to Coingecko’s record, the market capitalization of SUI reaches more than $22.5 billion when using the fully diluted approach based on existing market data. As the 21st biggest cryptocurrency, SUI maintains a current market value of approximately $6.7 billion. The SUI price briefly increased after authorities announced the ETF proposal.
Impact of SEC’s Prior Approvals on Crypto ETFs
SEC approval of spot Bitcoin and Ethereum ETFs created an actual precedent to assist in the Canary SUI ETF proposal. Cboe stated that its monitoring system and anti-manipulation protocols meet identical standards established for previous crypto ETFs.
Regulations continue to develop alongside increasing crypto-linked investment acceptance, which will expand participation levels. The Canary SUI ETF will have better listing success when regulatory arguments that have already proven effective are used.
Canary Capital’s Expanding Crypto ETF Portfolio
Canary Capital continues to develop additional cryptocurrency ETF products for its portfolio. The firm released the SUI ETF and launched the LTCC Litecoin ETF, which now appears in the Depository Trust and Clearing Corporation (DTCC) platform database.
The company is considering establishing ETFs that track popular assets, including Solana, XRP, and Hedera. Canary’s move joins forces with World Liberty Financial at a time when the Sui blockchain platform forms a partnership for new product creation and financial strategy integration of Sui-based assets.
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