SUI ETF Progress: Canary Funds Submits Amendment to SEC Filing

Canary Capital Group has taken a notable step forward in its effort to launch a spot exchange-traded fund tied to the SUI token. On October 17, 2025, the firm submitted its first pre-effective amendment to the initial Form S-1 registration statement with the U.S. Securities and Exchange Commission. This update, while primarily administrative, includes key details such as an assigned ticker symbol on the Cboe exchange and a revised company address, signaling progress toward potential listing and trading.

Tracing the Origins of Canary's SUI ETF Filing

The journey for this ETF began earlier in the year when Canary Capital filed its original S-1 registration statement on March 17. That initial submission outlined the fund's structure, aiming to provide investors with direct exposure to SUI, the native cryptocurrency of the Sui Network—a layer-1 blockchain known for its focus on high-speed transactions and scalable smart contract execution. Prior to this, Canary had registered a trust entity in Delaware as early as March 7, laying the groundwork for the product.

The SEC's review process kicked off formally in April, when the Cboe BZX Exchange proposed a rule change to list and trade shares of the Canary SUI ETF under its commodity-based trust shares rules. Initial deadlines for approval were set for September 13, with a final extension possible until March 27, 2026. Throughout this period, the filing attracted attention from market observers, who noted parallels with other cryptocurrency ETFs that have navigated similar regulatory paths. For instance, the amendment process allows issuers like Canary to refine their proposals based on feedback, ensuring compliance with securities laws while addressing operational specifics.

Canary Capital, based in Brentwood, Tennessee, positions the ETF as a regulated vehicle for investors seeking to hold SUI without directly managing digital wallets or navigating crypto exchanges. The fund would track the price of SUI by holding the token in custody, with creations and redemptions handled in-kind—meaning shares are exchanged for baskets of SUI rather than cash. This approach mirrors successful models used in Bitcoin and Ethereum spot ETFs, which have collectively drawn billions in assets since their approvals.

Key Changes in the October Amendment

In the recent amendment, Canary made no alterations to core elements like management fees, risk disclosures, asset custody arrangements, or redemption mechanics. Instead, the focus remained on housekeeping items. The addition of a Cboe ticker symbol indicates readiness for market integration, as it allows the ETF to be quoted and traded once approved. Similarly, the updated address for Canary's principal executive offices reflects internal organizational tweaks but does not impact the fund's investment strategy.

These modifications come at a time when SUI's market performance has shown resilience. The token, which powers the Sui Network's ecosystem of decentralized applications and DeFi protocols, has benefited from growing developer activity and partnerships. Investors monitoring the filing process can access the full documents on the SEC's EDGAR database, where updates provide transparency into how such products evolve before launch.

Broader Landscape of SUI-Related Investment Products

Canary's efforts are not isolated. Other firms have also pursued SUI-focused ETFs, reflecting broader interest in layer-1 blockchains beyond Bitcoin and Ethereum. For example, 21Shares filed its own S-1 registration for a SUI ETF on April 30, proposing to list shares on Nasdaq and emphasizing secure custody solutions for the token. This filing marked an early entrant in what has become a competitive space.

More recently, in September, a wave of applications flooded the SEC, including proposals from Bitwise, Defiance, Tuttle, and T-Rex for ETFs tied to assets like Avalanche, Sui, and even memecoins such as Bonk. These filings test the boundaries of what regulators might approve, with Sui often bundled alongside other high-throughput networks. As of now, no SUI ETFs have received final approval, but the increasing number of submissions—part of over 90 crypto ETF applications under review—suggests momentum.

Beyond ETFs, investors already have access to related products like the Grayscale Sui Trust, which offers exposure to SUI through a private placement structure rather than exchange trading. This trust, available to accredited investors, holds SUI directly and provides a way to gain familiarity with the asset class ahead of any ETF launches.

Sources:

• _{SEC Filing (Canary SUI ETF Amendment – October 17, 2025): https://www.sec.gov/Archives/edgar/data/2060703/000199937125015628/sui-s1a_101725.htm}
• _{Sui Network Blog – Canary Capital SUI ETF Update: https://blog.sui.io/canary-capital-sui-etf/?utm_source=twitter&utm_medium=organic&utm_campaign=defi}
• _{Grayscale Sui Trust Overview: https://www.grayscale.com/funds/grayscale-sui-trust}