- Canary Capital has filed with the SEC to launch a Sui ETF, allowing investors to gain exposure to SUI without direct holding.
- Hashdex expanded its crypto index ETF to now include seven altcoins alongside Bitcoin and Ether.
- Sui Network’s token experienced a price jump amid these ETF developments and ongoing partnerships, despite a broader crypto market downturn.
Asset manager Canary Capital recently filed an application with the Securities and Exchange Commission (SEC) on Monday to launch a Sui Network (SUI) exchange-traded fund (ETF). This potential financial vehicle would track the price of SUI and allow investors to gain exposure to the cryptocurrency.
Interestingly enough, this comes roughly one week after World Liberty Financial, the decentralised finance (DeFi) platform associated with former President Donald Trump, stocked up on several cryptocurrencies, including SUI, to its reserves.
Related: Analysts Say Bitcoin in ‘Shakeout’ Phase, Not Cycle’s End Amid Warning of Months of Consolidation
It also comes a few days after the asset manager registered a Delaware trust entity for an SUI ETF on March 7, as shown on the state’s Division of Corporations website.
Hashdex Amends S-1 for Altcoin ETFs
Meanwhile, another giant in the digital asset space, Hashdex, amended its S-1 filing for its cryptocurrency index ETF to include at least seven leading altcoins in addition to Bitcoin (BTC) and Ethereum (ETH), which are the only ones currently trading in the index.
According to the March 14 filing, the revision proposes adding seven specific altcoins to the index: Solana (SOL), XRP (XRP), Cardano (ADA), Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC) and Uniswap (UNI).
This shouldn’t be a surprise given that previous versions of the filing already specified that the index may add other cryptocurrencies (but didn’t name them).
In the revised filing, the proposed altcoins are described as follows:
Altcoins are decentralized peer-to-peer computer systems that rely on public key cryptography for security, and their values are primarily influenced by market supply and demand.
Hashdex filing
There is no specific timeline for this, and approval from the SEC is required before the proposed adjustments can take effect.
Sui Network Price Spikes
Following the news, SUI jumped to around US$2.36 (AU$3.7), an increase of 7.05% in the past 24 hours and 12% in the weekly chart, according to CoinMarketCap data.
While the token is up over 52% over the past 12 months, it has declined roughly 31% over the past month. This aligns with the broader decline in the crypto market, which has lost hundreds of billions in the past couple of weeks. The total crypto market capitalisation now sits at US$2.75T (AU$4.31T).
Despite the market downturn, Sui Network has been busy with many developments and partnerships. Recently, Parasol, a now subsidiary of Mysten Labs (the organisation behind Sui Network), partnered with Joker Inc. to integrate Code of Joker: Evolutions with the Sui Blockchain, meaning that players will be able to collect cards on-chain as NFTs on the Sui Network.
Related: US Voters Reject Crypto Spending: New Poll Shows Low Support for Blockchain Funding
Moreover, the Sui Foundation also teamed up with security firm Blockaid to heighten the security of the Sui ecosystem.
Credit: Source link
