- Canary Funds files for the first-ever SUI ETF, expanding crypto investment options.
- Tether boosts its stake in Bitcoin miner Bitdeer, signaling deeper industry ties.
- The SEC signals its withdrawal over strict crypto custody rules, easing regulations.
Investment management firm Canary Funds has submitted an application for the first-ever Sui (SUI) exchange-traded fund (ETF). If approved by regulators, the ETF would provide investors with direct exposure to SUI tokens through conventional brokerage accounts.
The Canary Funds filing comes amid rising institutional interest in Sui’s blockchain infrastructure. Over the past six months, several major financial institutions have launched investment products or initiatives on the network. These established players include Grayscale, Franklin Templeton, VanEck, and Ant Financial, all of which have created various investment vehicles ranging from tokenized funds to exchange-traded notes (ETNs).
The potential SUI ETF is one of the latest developments in a broader trend of cryptocurrency assets gaining access to traditional financial markets. Following the successful launch of spot Bitcoin ETFs in January 2024 and Ethereum ETFs in July 2024, layer-1 blockchain tokens are racing to be the next regulated crypto investment products.
Meanwhile, in other cryptocurrency market developments, stablecoin giant Tether has increased its holdings in Bitcoin miner Bitdeer (BTDR), according to a filing with the U.S. Securities and Exchange Commission. The filing reveals that Tether and its subsidiaries—Tether International, S.A. de C.V. and Tether Investments, S.A. de C.V.—now collectively own 31,891,689 Class A ordinary shares in Bitdeer. This represents 21.4% of the company’s outstanding shares.
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While primarily known for its USDT stablecoin, Tether has diversified its investments into Bitcoin mining, energy, and AI infrastructure. Bitdeer, founded by Jihan Wu, has pursued vertical integration of its Bitcoin mining operation, from silicon to energy infrastructure. The company recently announced results for its SEALMINER A3 chip, which achieved under 10 J/TH efficiency in laboratory tests.
In a potentially important regulatory development, the U.S. SEC is considering withdrawing its proposal to tighten cryptocurrency custody requirements. Acting SEC Chairman Mark Uyeda stated that the original proposal faces challenges due to concerns over the rule proposed in February 2023. The rule required registered investment advisors to have cryptocurrency assets held by qualified custodians and strengthen asset protection measures.
