Canary Capital Makes New Changes For SUI ETF

Canary Capital renames its SUI ETF to Staked SUI ETF. The issuer also intends to list shares under the ticker SUIS on Nasdaq rather than Cboe.

The SUI ETF application that Canary Capital submitted to the U.S. Securities and Exchange Commission (SEC) underwent significant modifications. To move closer to launching the first U.S. spot exchange-traded fund that tracks the price of SUI, the issuer also discloses fees, the ticker symbol, and other relevant information.

SUI ETF Amended by Canary Capital with the US SEC

According to a recent US SEC filing, Canary Capital filed a second pre-effective revision to its S-1 form for its SUI ETF. If authorized, the trust will generate dividends through staking, exposing investors to the price fluctuations of SUI.

To emphasize the fund's focus on generating additional SUI through its participation in the staking program, the issuer renamed it the Staked SUI ETF in its most recent filing. Staking fees have not yet been disclosed, though.

Additionally, Canary Capital indicated plans to list and trade on the Nasdaq by switching the exchange from the Cboe BZX Exchange to the Nasdaq Stock Market.

Canary Staked SUI ETF revealed “SUIS” as the ticker symbol and a management fee of 0.75%. However, the issuer has not yet made any waiver announcements.

A seed capital investment will be made in Mysten Labs, the main developer of the Sui blockchain. As the statutory underwriter, it will buy 200,000 shares in-kind with SUI tokens for $25 per share.

Additional Canary Staked SUI ETF Information

To act as SUI trading counterparties, the trust has signed contracts with significant companies like Jane Street Capital, Virtu Americas, Macquarie Capital, and Cantor Fitzgerald. Through these companies, the Canary Staked SUI ETF will purchase and sell SUI.

The exchange-traded fund will monitor SUI's net asset value (NAV) and price performance in line with the ISUI-USD CCIXber Reference Rate index.

The trust's administrator, transfer agent, and cash custodian will be U.S. Bancorp Fund Services. The custodian is BitGo Trust Company. The sponsor intends to stake SUI tokens through one or more staking providers, although the specific staking provider has not been identified.

The DTC book-entry system is the only method for transferring shares. By giving instructions to the DTC participant holding their shares, shareholders who are not DTC participants can transfer their shares through DTC. It further stated, “Transfers are undertaken in compliance with established securities industry procedure.

Blocks of 10,000 shares of Staked SUI ETF will be sold or redeemed by the issuer. The documents also reveal Paralel Distributors LLC as a marketing agent.

SUI Price Push Holds

The price of SUI has increased by almost 1% during the last day, and it is now trading at $1.45. The 24-hour low is $ 1.42, and the 24-hour high is $1.47.

The Bitwise Sui ETF filing has generated enormous interest among traders, as evidenced by the 73% rise in trading volume over the past day.

CoinGlass data, however, indicated that the futures market was in a sell position. Over the past four hours, the open interest in all Sui futures has dropped by over 1%. The open interest for 24-hour futures has decreased by over 0.50%.