On March 17, 2025, Canary Capital – an investment company based in Nashville – filed with the U.S. Securities and Exchange Commission (SEC) to launch an ETF tracking the SUI token, just a week after the decentralized finance project World Liberty Fi (WLFI) linked with President Donald Trump added SUI to its reserves. With backing from the Trump administration and a crypto-friendly wave, will SUI become the new 'star' of the digital asset market?
Canary Capital's Bold Move
Canary Capital filed S-1 with the SEC to seek approval to launch the #ETFSUI fund – an investment product designed to track the price of SUI, the native token of the layer-1 Sui Network blockchain. CEO Steven McClurg shared with Decrypt via email: 'We see a large influx of developers into the SUI ecosystem. With the speed and performance of this chain, we believe it will be widely accepted in the future.' The application comes just 2 weeks after the company established the Delaware Trust for the SUI ETF (on March 6) – the first step to build an investment vehicle tracking this altcoin. However, Canary has not announced which exchange will list the ETF if approved.
This move comes 10 days after WLFI – the DeFi project backed by Trump – announced a deal with Sui Network, committing to add SUI to its strategic reserves and explore product development opportunities. The association with Trump, who was recently re-elected and promised a crypto-friendly policy, is a key factor driving Canary to jump into the SUI ETF game.
SUI: The Rising Star
As of March 17, SUI is trading at 2.36 USD, up 5.1% in the last 24 hours (according to CoinGecko). With a market cap of over 7.4 billion USD, $SUI is the 23rd largest coin in the market, notable for its Sui Network blockchain – a fast, efficient layer-1 platform attracting many developers. However, the price of SUI is still down 56.5% from its peak of 5.35 USD (January 2025), indicating significant growth potential if the ETF is approved.
The interest from WLFI further increases the appeal of SUI. This agreement not only adds the token to the reserves but also opens up the potential for DeFi collaboration, leveraging the transaction speed and low costs of the Sui Network – competitive factors against Ethereum or Solana.
The Crypto ETF Wave Under Trump
Canary's SUI ETF application is part of a trend among asset managers pushing for investment products based on digital assets, thanks to a more friendly regulatory environment under the $TRUMP administration. Trump has committed to easing strict regulations on crypto, spurring a wave of ETF applications. In addition to Canary, giants like VanEck, 21Shares, and Franklin Templeton have filed for Solana and XRP ETFs. Canary itself is not stopping at SUI: in the fall of 2024, the company applied for Litecoin and HBAR ETFs; recently, they progressed with Solana and $XRP .
This shift contrasts with the time of Gary Gensler (former SEC Chair), when altcoins like SUI were seen as 'unregistered securities.' With Paul Atkins – who was nominated by Trump to be SEC Chair – expected to take office, investors hope the SEC will 'greenlight' many crypto ETFs by the end of 2025.
Impact on the Crypto Market
Short-term: The 5.1% price increase of SUI following the news is a positive sign, although not enough to create a wave like BTC (83,000 USD) or ETH (1,760 USD). On Binance, traders can monitor SUI/USDT: support at 2.30 USD to catch the dip, resistance at 2.50 USD if FOMO increases. The market remains unstable (liquidation of 930 million USD on March 11, Fear Index at 32), but ETF news could propel SUI ahead of other altcoins like ADA or SOL.
Long-term: If the SUI ETF is approved, it will be the first altcoin ETF outside of BTC and ETH, paving the way for institutional and retail investors to participate without directly holding the token. This could enhance liquidity and SUI's market cap, putting it in the top 20. However, risks remain: the SEC has delayed many ETF applications (Litecoin, XRP) and price volatility of altcoins poses a significant challenge.
Trader's Perspective
On Binance:
SUI/USDT: Buy at 2.30 USD if it holds, take profit at 2.50-2.70 USD if the ETF progresses.
BTC/USDT: Compare with support at 80,000 USD to assess the overall trend.
Monitor confirmation from Paul Atkins and the response from WLFI to adjust strategy.
Conclusion: Will SUI Be a Star or Remain an Unknown?
Canary Capital's ETF application for SUI amid Trump's support for crypto is a bold move, leveraging both politics and technology. For Binance users, this is a short-term trading opportunity and a long-term investment if the SEC approves. But as SUI is just a 'rookie' compared to BTC or ETH, the question arises: Will it soar high thanks to the ETF and Trump, or is it just a fleeting craze in a volatile market? Time will tell.
Risk warning: Crypto investment is highly risky due to price volatility. Only invest what you are willing to lose.