The cryptocurrency market is abuzz with the latest developments surrounding Sui, a blockchain project founded by former Meta employees. This emerging player has caught the attention of some heavy hitters, including Canary Capital, a cryptocurrency investment product manager, and World Liberty Financial, a project affiliated with Trump. The news has sent ripples through the market, with Sui’s token price surging 10% to nearly $3 before correcting, though it still boasts an impressive 79% gain over the past year.
Some key highlights of Sui’s recent developments include:
- Attracting the attention of major industry players
- Canary Capital’s potential interest in launching a Sui ETF, as hinted at by its registration of an entity called “Canary Sui ETF” in Delaware
- A collaboration between Sui and World Liberty Financial, with the latter set to add Sui assets to its cryptocurrency holdings
- Sui’s token price increase, which has made it one of the top-performing layer 1 network tokens in the past year
Delving deeper into the story, it appears that Canary Capital’s move to register the “Canary Sui ETF” entity in Delaware suggests the company may be preparing to file a Form S-1 with the US Securities and Exchange Commission (SEC). This is a crucial step in the process of seeking approval for a cryptocurrency ETF. While Canary’s intentions to launch a Sui ETF in the US market are not yet confirmed, the company has already filed a Form S-1 for an AXL ETF and is also seeking to launch ETFs tracking other altcoins, including Hedera, Litecoin, XRP, and Solana.
Sui Partners with World Liberty Financial
In a parallel development, Sui has announced a partnership with World Liberty Financial (WLFI), a project affiliated with Trump. The Sui Foundation revealed the collaboration in a statement, indicating that WLFI will add Sui assets to its cryptocurrency holdings as part of the agreement. The partnership also involves exploring opportunities for product development, with WLFI planning to include Sui assets in its “Macro Strategy” token reserve. This reserve is designed to support leading projects, and the two companies will work together to identify opportunities for growth.
This is not the first cryptocurrency project to partner with WLFI, which has also collaborated with Ondo Finance, a tokenized real-world asset issuer. WLFI has been accumulating a range of cryptocurrencies in its strategic token reserve, including wrapped Bitcoin (WBTC), Ether (ETH), Tron’s TRX, Chainlink’s LINK, as well as MOVE and ONDO tokens. The company added over $21 million worth of these tokens earlier this week, just ahead of the crypto summit at the White House.
As the cryptocurrency market continues to evolve, it will be interesting to see how Sui’s partnership with WLFI and potential ETF developments play out. With the US regulator having only approved the listing of Bitcoin and Ethereum spot ETFs so far, the list of pending applications for other cryptocurrencies is growing. The increased interest from investment managers and the involvement of high-profile figures like Trump are likely to keep the market on its toes.