Canary Files for SUI ETF, Hashdex Amends S-1 to Add 7 Altcoins to Crypto Index ETF

Highlights:

• Canary Capital files to launch the first Sui ETF, marking a major step in the crypto industry.
• Hashdex seeks SEC approval to expand its NCIQ ETF, adding altcoins like Solana.
• Crypto ETF filings surged after Trump’s pro-crypto actions and SEC regulatory changes.

Institutional interest in crypto ETFs remains strong despite market uncertainty. Canary Capital plans to introduce the first Sui ETF, while Hashdex seeks approval to expand its Nasdaq Crypto Index US ETF (NCIQ) by adding altcoins.

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Canary Files S-1 for SUI Fund with US SEC

On Monday, Canary Capital filed an S-1 registration with the U.S. SEC to launch an SUI ETF. Before this, it established a statutory trust for the ETF in Delaware on March 6. To proceed with the listing, the firm must also submit a 19b-4 filing through an exchange, though no exchange was specified in the S-1 filing.

Canary just filed for a SUI ETF pic.twitter.com/YyqDfsNsN0

— Eric Balchunas (@EricBalchunas) March 17, 2025

The Sui team called Canary Capital’s SUI ETF filing a major step toward public markets. They highlighted Sui’s $70 billion DEX volume and 67 million accounts. They also noted the growing institutional interest. According to the team, Sui is ready for mainstream adoption.

🚨 BREAKING: @CanaryFunds files for the first-ever SUI ETF!

This is a major step toward bringing Sui to public markets — if approved, the ETF will give investors direct exposure to SUI, further fueling institutional adoption.

With $70B+ DEX volume, 67M+ accounts and… pic.twitter.com/3KIrKVtXtT

— Sui (@SuiNetwork) March 17, 2025

Canary Capital is the first asset manager to file for a fund offering institutional access to SUI. The firm is also expanding its crypto ETF lineup. It has applied for an ETF tracking the AXL token, the core asset of Axelar Network. Additionally, it has filed for ETFs for Litecoin (LTC). Solana (SOL), Hedera (HBAR), and XRP.

Canary pursued an SUI exchange-traded fund after World Liberty Financial (WLFI) partnered with the Sui blockchain. The venture, backed by Trump and his sons, aims to develop new products. The team plans to include Sui assets in its Macro Strategy fund. Zak Folkman, WLFI’s co-founder, said they chose Sui for its U.S. innovation, scale, and adoption. He added that it aligns with their goal of expanding decentralized finance in America.

Following the latest filing news, the SUI token is trading at $2.30, up 2% in 24 hours. Over the past year, it has gained 33% but dropped 31% in the last month. Despite the decline, growing institutional interest and ETF filings could drive future gains.

Hashdex Expands NCIQ ETF Beyond BTC and ETH

Meanwhile, Hashdex, a prominent asset manager in the cryptocurrency sector, has filed an amendment with the SEC to expand its Nasdaq Crypto Index US ETF (NCIQ). The proposal seeks to include Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC), XRP, Solana, Cardano (ADA), and Uniswap (UNI).

BTW, @hashdex's CEO @SamirKerbage is going to be at the Litecoin Summit in Vegas the end of May.

Just sayin'. https://t.co/SkVxJC7X2a https://t.co/dEUqIkRanV

— Litecoin (@litecoin) March 17, 2025

The NCIQ ETF launched on February 13 after SEC approval. It is the first dual Bitcoin-Ethereum ETF in the US. The fund charges a 0.25% management fee until December 31. After that, the fee will increase to 0.5%. Coinbase Custody and BitGo Trust store the assets. The ETF holds 88% Bitcoin and 12% Ethereum. It currently has around $70 million in total assets.

A similar fund, the Hashdex Nasdaq Crypto Index ETF, trades on the Bermuda Stock Exchange and includes more cryptocurrencies. The Hashdex Nasdaq Crypto Index US ETF is designed to track multiple digital assets and provide regulated crypto exposure.

Crypto ETF filings have surged since Bitcoin-friendly Trump took office. Regulatory changes at the SEC and Capitol Hill have prompted issuers. Trump urged lawmakers to pass pro-crypto laws and signed an Executive Order to establish the country’s first Strategic Bitcoin reserve.

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