According to the latest data from the U.S. Securities and Exchange Commission (SEC) website, Canary Capital Group has currently submitted its SUI ETF application (S-1 filing) to the SEC, making it the world’s first ETF directly related to the SUI cryptocurrency.
(Background: Bitwise launched the “Bitcoin Concept ETF” tracking over 1000 BTC-related companies, including MicroStrategy, mining firms, and gaming companies. A quick look at the top 10 constituent stocks.)
(Further context: CME announced the launch of Solana futures on 3/17! The approval of a spot ETF is now more likely, and SOL surged over 20%, returning to $150.)
Short-term Surge to $2.39
According to data from OKX, SUI coin price reached a high of $2.39 this morning (18th). However, overall, it still shows a high correlation with Bitcoin’s trend and has not been significantly driven by other factors. By the time of press, it had corrected back to $2.33.
Solana Futures Officially Launched on CME
Another noteworthy event is that Solana, one of the hottest public blockchains in this bull market, officially launched its futures trading on the Chicago Mercantile Exchange (CME) yesterday (17th). Currently, CME offers two sizes of contracts for SOL futures: a mini contract covering 25 SOL and a large contract covering 500 SOL.
In this regard, Chris Chung, the founder of Titan, stated in a statement that the launch of SOL futures on CME marks an important step for Solana, and this development paves the way for an SOL ETF approval:
This shows that Solana, as an asset, is maturing and will make it easier for regulators to approve similar financial products.
At present, at least 13 SOL ETF products are awaiting review and approval by the U.S. SEC. The companies applying include Grayscale, Bitwise, Canary, and others. Last week, Nate Geraci, President of ETF Store, also mentioned that BlackRock might join this queue. Bloomberg’s ETF analysts previously stated that the chances of an SOL ETF being approved by the end of this year are as high as 70%.
Related Reports
CME announced the launch of Solana futures on 3/17! The approval of spot ETFs increases the likelihood, and SOL surged over 20%, returning to $150.
SEC confirms receipt of Grayscale’s application, seeking to open an Ethereum spot ETF staking feature, ETH/BTC rebounds.
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