Canary Capital Announces Major Changes to Its SUI ETF

Canary Capital makes major changes to its SUI ETF application with the U.S. Securities and Exchange Commission (SEC). The issuer also reveals fees, ticker symbol, and additional details, moving closer to potentially launching the first U.S. spot exchange-traded fund tracking SUI price.

Canary Capital Amends SUI ETF with the US SEC

Canary Capital submitted a second pre-effective amendment to its S-1 form for its SUI ETF, according to a latest US SEC filing. If approved, the trust will provide investors with exposure to SUI price while generating yields through staking.

In the latest filing, the issuer changed the fund’s name to Staked SUI ETF to highlight its focus on earning additional SUI through its participation in the staking program. However, there is no staking fees announced yet.

Canary Capital also changed the exchange from Cboe BZX Exchange to Nasdaq Stock Market, indicating plans to list and trade on Nasdaq.

Canary Staked SUI ETF disclosed a management fee of 0.75% and ‘SUIS’ as the ticker symbol. However, the issuer has not announced any waiver yet.

Mysten Labs, the primary developer behind the Sui blockchain, will serve as a seed capital investor. It will purchase 200,000 shares in-kind with SUI tokens at $25 per share, acting as the statutory underwriter.

Other Details of Canary Staked SUI ETF

The trust has entered into agreements with major firms such as Jane Street Capital, Virtu Americas, Macquarie Capital, and Cantor Fitzgerald to serve as SUI trading counterparties. The Canary Staked SUI ETF will buy and sell SUI through these firms.

The exchange-traded fund will track SUI price performance and its net asset value (NAV) in accordance with the ISUI-USD CCIXber Reference Rate index.

U.S. Bancorp Fund Services will serve as administrator, transfer agent and cash custodian for the trust. BitGo Trust Company is selected as the custodian. While the staking provider is not mentioned, the sponsor plans to stake SUI tokens through one or more staking providers.

“The shares are only transferable through the book-entry system of DTC. Shareholders who are not DTC participants may transfer their shares through DTC by instructing the DTC participant holding their shares to transfer the Shares. Transfers are made in accordance with standard securities industry practice,” it added.

The issuer will sell or redeem Staked SUI ETF in blocks of 10,000 shares. Other details disclosed in the filings include Paralel Distributors LLC as marketing agent.

SUI Price Holds Advance

SUI price jumped more than 1% in the past 24 hours, currently trading at $1.45. The 24-hour low and high are $1.42 and $1.47, respectively.

Trading volume has increased by 73% over the last 24 hours, indicating massive interest among traders following Bitwise Sui ETF filing.

However, CoinGlass data showed selling in the derivatives market. The total Sui futures open interest fell more than 1% in the last 4 hours. The 24-hour futures open interest is down nearly 0.50%.