Cboe BZX Exchange has asked United States regulators for clearance to list an exchange-traded fund (ETF) backed by Sui (SUI), the native token of the Sui Network, public filings show. 

The request submitted on April 8 must be reviewed and approved by the US Securities and Exchange Commission (SEC) before the exchange can list any shares of the fund.

If approved, the ETF — issued by asset manager Canary Capital — would be the first in the country to hold SUI. The token has a market capitalization of roughly $6.5 billion, according to CoinMarketCap.

Sui is a blockchain network designed to provide users with a more streamlined onboarding experience — similar to traditional Web3 applications. It is built using Move, a smart contract framework based on the Rust programming language. Sui has approximately $1.1 billion in total value locked (TVL), according to DefiLlama.

Sui Network has roughly $1.1 billion in TVL. Source: DeFiLlama

Related: Canary files for PENGU ETF

Canary, which specializes in crypto ETFs, submitted its own S-1 regulatory filing for the SUI fund in March. 

Since 2024, Canary has filed for several proposed US crypto ETFs, including funds holding Litecoin (LTC), XRP (XRP), Hedera (HBAR), Axelar (AXL) and Pengu (PENGU). 

Cboe BZX has also submitted numerous filings seeking to list crypto ETFs this year. In March, the exchange filed to list Solana (SOL) ETFs issued by Franklin Templeton and Fidelity. 

Dozens of altcoin ETFs

Since US President Donald Trump took office on Jan. 20, the SEC has acknowledged dozens of new altcoin ETF filings. 

Proposed ETFs include funds holding native layer-1 tokens such as Solana (SOL) and SUI, as well as memecoins such as Dogecoin (DOGE) and Official Trump (TRUMP).

However, investors’ demand for altcoin ETFs may be weaker than for funds holding core cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), according to Katalin Tischhauser, crypto bank Sygnum’s research head. 

“[T]here is all this frothy excitement in the market about these ETFs coming, and no one can point to where substantial demand is going to come from,” Tischhauser told Cointelegraph. 

Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge