Cboe BZX Alternate has requested United States regulators for clearance to list 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 accepted by the US Securities and Alternate Fee (SEC) earlier than the change can list any shares of the fund.
If accepted, the ETF — issued by asset supervisor Canary Capital — could be the primary within the nation to maintain SUI. The token has a market capitalization of roughly $6.5 billion, according to CoinMarketCap.
Sui is a blockchain community designed to present customers with a extra streamlined onboarding expertise — comparable to conventional Web3 purposes. It’s constructed utilizing Transfer, a wise contract framework based mostly on the Rust programming language. Sui has roughly $1.1 billion in whole 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 looking for to list crypto ETFs this yr. 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 embrace funds holding native layer-1 tokens resembling Solana (SOL) and SUI, in addition to memecoins resembling Dogecoin (DOGE) and Official Trump (TRUMP).
Nevertheless, traders’ demand for altcoin ETFs could also be weaker than for funds holding core cryptocurrencies resembling Bitcoin (BTC) and Ether (ETH), in accordance to Katalin Tischhauser, crypto financial institution Sygnum’s analysis head.
“[T]right here is all this frothy pleasure out there about these ETFs coming, and nobody can level to the place substantial demand goes to come from,” Tischhauser instructed Cointelegraph.
Journal: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge
