Key Points:
- Canary Capital has filed to establish a trust entity in Delaware, signaling a potential SEC submission for its proposed Canary SUI ETF.
- Canary Capital is also pursuing ETFs for Litecoin, XRP, Solana, and Hedera Hashgraph, with its Litecoin ETF recently listed on DTCC under the ticker LTCC.
Canary Capital has taken a significant step toward launching its proposed Canary SUI ETF by filing to establish a trust entity in Delaware, a move that suggests a potential regulatory submission to the U.S. Securities and Exchange Commission (SEC).
The proposed ETF follows World Liberty Financial’s recent partnership with the Sui blockchain, which includes plans to integrate Sui’s native cryptocurrency into its strategic reserve fund, “Macro Strategy.”
Canary Capital Advances Plans for Canary SUI ETF
The development spurred a sharp market reaction, with SUI’s price surging over 10% to nearly $3 before stabilizing at $2.70. The token’s 24-hour trading volume also saw a substantial increase of 126%, reaching $2.04 billion.
Recently, Canary had planned to introduce an exchange-traded fund (ETF) tracking the price of Axelar (AXL). If the SEC filing for the Canary SUI ETF is confirmed, it would mark the first Sui-based ETF proposal in the United States.
Expanding Crypto Investment: Canary Capital’s ETF Strategy
Canary Capital, a digital asset-focused investment firm founded by former Valkyrie Funds co-founder Steven McClurg, has been actively expanding its presence in the crypto investment space.
Beyond the Canary SUI ETF, the company has positioned itself as a key player in the development of investment vehicles for altcoins. It is also pursuing ETFs that would track the performance of Litecoin (LTC), XRP, Solana (SOL), and Hedera Hashgraph (HBAR).
Most notably, its spot Litecoin ETF has been listed on the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol LTCC. The DTCC listing is seen as a preparatory step, as the clearing and settlement firm plays a crucial role in structuring the necessary trading framework before an ETF secures regulatory approval.
Market analysts anticipate a high likelihood of approval for a spot Litecoin ETF, with Bloomberg analysts estimating a 90% chance of approval by 2025.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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