Cboe BZX Trade has requested United States regulators for clearance to record an exchange-traded fund (ETF) backed by Sui (SUI), the native token of the Sui Community, public filings present.
The request submitted on April 8 should be reviewed and authorized by the US Securities and Trade Fee (SEC) earlier than the trade can record any shares of the fund.
If authorized, the ETF — issued by asset supervisor Canary Capital — could be the primary within the nation to carry SUI. The token has a market capitalization of roughly $6.5 billion, according to CoinMarketCap.
Sui is a blockchain community designed to offer customers with a extra streamlined onboarding expertise — just like conventional Web3 purposes. It’s constructed utilizing Transfer, a sensible contract framework primarily based on the Rust programming language. Sui has roughly $1.1 billion in complete worth locked (TVL), according to DefiLlama.
Sui Community has roughly $1.1 billion in TVL. Supply: DeFiLlama
Associated: Canary files for PENGU ETF
Canary, which focuses on crypto ETFs, submitted its own S-1 regulatory filing for the SUI fund in March.
Since 2024, Canary has filed for a number of proposed US crypto ETFs, together with funds holding Litecoin (LTC), XRP (XRP), Hedera (HBAR), Axelar (AXL) and Pengu (PENGU).
Cboe BZX has additionally submitted quite a few filings searching for to record crypto ETFs this 12 months. In March, the exchange filed to list Solana (SOL) ETFs issued by Franklin Templeton and Constancy.
Dozens of altcoin ETFs
Since US President Donald Trump took workplace on Jan. 20, the SEC has acknowledged dozens of new altcoin ETF filings.
Proposed ETFs embody funds holding native layer-1 tokens equivalent to Solana (SOL) and SUI, in addition to memecoins equivalent to Dogecoin (DOGE) and Official Trump (TRUMP).
Nonetheless, buyers’ demand for altcoin ETFs could also be weaker than for funds holding core cryptocurrencies equivalent to Bitcoin (BTC) and Ether (ETH), in accordance with Katalin Tischhauser, crypto financial institution Sygnum’s analysis head.
“[T]right here is all this frothy pleasure available in the market about these ETFs coming, and nobody can level to the place substantial demand goes to return from,” Tischhauser instructed Cointelegraph.
Journal: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge