SUI gains steam on Canary’s ETF filing update and SUIG’s growth strategy

Canary Funds has taken another step toward launching its spot Sui (SUI) ETF, having recently submitted an updated registration statement (S-1/A) to the U.S. Securities and Exchange Commission. The latest filing introduces several administrative updates, including a new company address and the assignment of a ticker symbol on the Cboe exchange, while keeping all core terms and financial details unchanged.

These kinds of updates, while largely procedural and not necessarily increasing the likelihood of launch, typically indicate that the fund issuer is actively coordinating with the exchange — an essential step before the SEC moves into the next stage of its review process.

SUI Price Recovers After Crash to $0.55

The renewed progress toward a SUI ETF has offered a glimmer of optimism to investors who’ve recently endured a turbulent week. On October 10, the SUI token plunged to $0.55 amid a broader crypto market selloff triggered by escalating global trade tensions. The decline also saw SUI break below a long-term ascending trendline that had supported its uptrend since April.

Following that crash, the token attempted a recovery, climbing back up to around $3, but buying pressure wasn’t strong enough to push it above the broken ascending trendline, which has now flipped into resistance. SUI currently trades near $2.65, consolidating below that key level and SMA 20.

SUIG Plans the SUI Bank and Reinvesting Into the Ecosystem

Beyond the ETF, momentum around the Sui ecosystem continues to build. In a recent Crypto Banter interview, SUIG co-founder Stephen Mackintosh outlined the company’s ambition to become “the SUI Bank” — a public crypto bank built on the Sui blockchain.

SUIG has already partnered with the Sui Foundation and Ethena to launch two native stablecoins, suiUSDe and USDI, designed to bridge on-chain liquidity with traditional finance. According to Mackintosh, 90% of the revenue generated will flow back into the Sui ecosystem — buying tokens, funding development, and strengthening network growth.

With SUIG’s vision and the potential launch of Canary’s ETF, the SUI token appears well-positioned for price appreciation in the near term.