Cboe BZX submits an application for listing the SUI ETF from Canary

Cboe BZX Exchange has just submitted an application to the U.S. Securities and Exchange Commission (SEC) to request approval for the listing of an ETF fund backed by SUI — the native token of the Sui blockchain network, according to public filings.

The application was submitted on April 8 and needs to be reviewed and approved by the SEC before any shares of this fund are allowed to be traded on the exchange.

If approved, this will be the first ETF in the U.S. to hold SUI, issued by the asset management company Canary Capital. Currently, SUI has a market capitalization of approximately $6.3 billion according to data from CoinMarketCap.

Sui is a blockchain designed to simplify the user experience, similar to traditional Web3 applications. This network is built using the Move language — a smart contract framework based on Rust. The total value of locked assets (TVL) of Sui is currently around 1.1 billion USD, according to DefiLlama.

Canary Capital, a company specialized in cryptocurrency ETFs, filed a private S-1 application for the SUI fund in March. Since the beginning of 2024, Canary has proposed a series of other crypto ETFs in the U.S., including funds based on Litecoin (LTC), XRP, Hedera (HBAR), Axelar (AXL), and the memecoin Pengu (PENGU).

On the Cboe BZX side, this exchange is also actively submitting proposals for listing cryptocurrency ETFs. In March, they submitted applications to list Solana ETFs issued by Franklin Templeton and Fidelity.

The Altcoin ETF Wave Blossoms Under Trump

Since President Donald Trump took office on January 20, the SEC has received dozens of new altcoin ETF registration filings. The proposed funds include both layer-1 tokens like Solana and SUI, as well as memecoins like Dogecoin (DOGE) and Official Trump (TRUMP).

However, according to Katalin Tischhauser — head of research at the crypto bank Sygnum — the actual demand for altcoin ETFs may not be as strong as for BTC or ETH.

"The market is full of excitement about this wave of ETFs, but no one can tell where the real demand is coming from," Tischhauser said.

Check the SUI price here.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making any decisions. We are not responsible for your investment decisions.

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Thach Sanh

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