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Institutional interest in crypto exchange-traded funds (ETF) isn't dwindling, despite market uncertainty. Canary Capital is looking to launch the first Sui ETF while Hashdex is requesting approval to expand its Nasdaq Crypto Index US ETF (NCIQ) to include altcoins.
On Monday, Canary announced that it applied for regulatory approval to launch an ETF tied to the spot price of Sui, a cryptocurrency associated with Sui Network.
"There's been a tremendous shift in the landscape and mood" among cryptocurrency market participants since the election, said Steven McClurg, founder of Canary."I'm pretty optimistic that we're on track to see many of these approved before the end of 2025."
The move marks Canary's sixth ETF filing with the Securities and Exchange Commission (SEC), alongside Litecoin, Hedera, Axelar, XRP and Solana.
Canary's Sui ETF also comes after Donald Trump's crypto project World Liberty Financial revealed plans to put Sui in its strategic reserves.
"As WLFI and Sui begin to explore product development opportunities, WLFI plans to include Sui assets in 'Macro Strategy,' its strategic token reserve designed to bolster leading projects," Sui Foundation said in a blog post.
“We chose Sui for its American-born innovation combined with impressive scale and adoption. It is a natural complement to our mission of bringing decentralized finance to more Americans,” said Zak Folkman, co-founder of World Liberty Financial.
“Given our plans to support foundational DeFi assets in the coming months, collaborating with Sui was an obvious decision.”
Canary’s application for an SUI-linked ETF is notable as it would be the first of its kind, targeting a coin with a market capitalization of over $7.4 billion. Sui currently ranks among the top 25 cryptocurrencies, according to CoinMarketCap.
Meanwhile, Hashdex's NCIQ, which currently manages around $66 million in assets, is looking to add altcoins including XRP, Solana, Cardano, Chainlink, Uniswap, Litecoin, and Avalanche.
Blockhead
"The Hashdex Nasdaq Crypto Index US ETF provides market-cap-weighted exposure to bitcoin (BTC) and ether (ETH) through a regulated exchange-traded product. The fund invests directly in bitcoin and ether and trades under "NCIQ." Its benchmark, the Nasdaq Crypto US Settlement Price Index, has a rules-based methodology that may include more assets in the future," Hashdex's website reads.
Hashdex already has a Nasdaq Crypto Index ETF on the Bermuda Stock Exchange, which offers exposure to cryptocurrencies.
