Canary’s SUI ETF: The Feathered Friend of Your Portfolio? 🦅💰

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Ah, the illustrious Cboe BZX Exchange, that grand stage of financial theatrics, has taken a bold step to court the favor of the United States regulators. They have, with all the pomp and circumstance befitting such an occasion, requested permission to list an exchange-traded fund (ETF) backed by none other than Sui (SUI), the native token of the Sui Network. How delightfully audacious! 🎩

This request, submitted on the 8th day of April—an auspicious date, one might say—awaits the discerning gaze of the US Securities and Exchange Commission (SEC). Only after their approval can the exchange dare to list shares of this fund. One can only imagine the SEC, perched like a watchful owl, pondering the fate of this financial endeavor. 🦉

Should the stars align and approval be granted, this ETF—brought forth by the ever-ambitious asset manager, Canary Capital—would be the very first in the land to cradle SUI within its metaphorical bosom. With a market capitalization of approximately $6.5 billion, as reported by the ever-reliable CoinMarketCap, SUI is no mere trifle! 💸

Sui, that charming blockchain network, promises a user experience as smooth as a well-aged whiskey, designed to usher users into the world of Web3 with the grace of a ballet dancer. Built upon the Move framework, which itself is a delightful concoction of the Rust programming language, Sui boasts a total value locked (TVL) of around $1.1 billion, according to the ever-watchful DefiLlama. 🦙

Canary, that intrepid explorer of the crypto ETF realm, submitted its own S-1 regulatory filing for the SUI fund back in March. Since the dawn of 2024, they have been on a veritable filing spree, proposing several US crypto ETFs, including those holding Litecoin (LTC), XRP (XRP), Hedera (HBAR), Axelar (AXL), and even the whimsical Pengu (PENGU). One can only wonder if they have a filing for a fund dedicated to the noble art of procrastination! 🐧

Meanwhile, Cboe BZX has been busy as a bee, submitting a plethora of filings to list crypto ETFs this year. In March, they even dared to file for Solana (SOL) ETFs, issued by the venerable Franklin Templeton and Fidelity. Truly, the world of finance is a stage, and these players are determined to steal the show! 🎭

Dozens of Altcoin ETFs

Since the illustrious Donald Trump took the helm of the US presidency on January 20, the SEC has acknowledged a veritable cornucopia of new altcoin ETF filings. Proposed ETFs include funds holding native layer-1 tokens such as Solana (SOL) and SUI, alongside the ever-popular memecoins like Dogecoin (DOGE) and the rather amusing Official Trump (TRUMP). One must applaud the creativity! 🎨

However, dear reader, it appears that the fervent demand for altcoin ETFs may not quite match the insatiable appetite for funds holding the venerable Bitcoin (BTC) and Ether (ETH). Katalin Tischhauser, the astute head of research at crypto bank Sygnum, has noted, “There is all this frothy excitement in the market about these ETFs coming, and no one can point to where substantial demand is going to come from.” Ah, the sweet irony of anticipation! 🍾

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2025-04-09 00:18