Canary Capital files sixth US crypto ETF proposal

Canary Capital Group has filed a proposal to launch a new cryptocurrency exchange-traded fund (ETF) focused on the coin Sui. This is the sixth filing the firm has made with the U.S. Securities and Exchange Commission (SEC). The push for new ETFs has grown since the election of President Donald Trump last November. Canary aims to offer an ETF that tracks the spot price of Sui, a cryptocurrency linked to Sui Network, a blockchain service provider. The firm's founder, Steven McClurg, expressed optimism about the likelihood of many ETF approvals before the end of 2025. The regulatory environment has become more favorable, with recent drops in enforcement actions against large players in the cryptocurrency market. Despite this progress, McClurg noted that the SEC may wait to approve new ETFs until Paul Atkins, Trump's nominee for SEC chair, is confirmed by the Senate. Sui has a market capitalization of over $7.4 billion, ranking it among the top 25 cryptocurrencies. In addition to Sui, issuers have filed for ETF approvals for at least 10 other cryptocurrencies, beyond the well-known bitcoin and ether. The first ETFs for those two coins debuted in 2024. Currently, Solana and XRP, tied to Ripple, are two of the most sought-after coins for new ETF applications, with each having six pending requests with the SEC.