Canary Capital Reportedly Registers Sui ETF Entity in Delaware

A new filing in Delaware's official registration portal suggests that investment firm Canary Capital may be preparing to launch another cryptocurrency exchange-traded fund (ETF), this time focused on the Sui blockchain token.

According to records, an entity named "Canary Sui ETF" was registered on March 6, potentially signaling the company's intentions to file an S-1 registration with the U.S. Securities and Exchange Commission (SEC). Such Delaware registrations often precede formal SEC filings for new investment products.

This development follows Canary's recent filing of an S-1 registration with the SEC on Wednesday for an AXL ETF. The company appears to be expanding its cryptocurrency ETF offerings, with plans reportedly including funds that would track Hedera, Litecoin, XRP, and Solana.

The Block has reached out to Canary Capital seeking confirmation of the Sui ETF registration. Caution is warranted, as the cryptocurrency space has seen fraudulent filings in the past. In November 2023, for instance, someone falsely registered an entity called "iShares XRP Trust" using BlackRock's name, which was later exposed as fake.

In a potentially related development, the Sui Foundation announced on Thursday plans to collaborate with World Liberty Financial, a cryptocurrency project backed by U.S. President Donald Trump. The specific nature of this partnership remains unclear at this time.

Sui, developed by Mysten Labs, has emerged as a strong performer in the blockchain sector. As of March 5, Sui led all Layer 1 blockchain tokens in one-year price performance with a 79% gain, significantly outpacing BNB's 39.7% increase over the same period, according to data from The Block. In recent trading, Sui's price rose 5.4% over 24 hours to reach $2.83.

For investors and market observers, these developments highlight the growing institutional interest in newer blockchain protocols beyond the established cryptocurrencies like Bitcoin and Ethereum.