2025-05-28
Nasdaq has submitted a filing to the
U.S. Securities and Exchange Commission (SEC) to list a spot Sui
exchange-traded fund (ETF) from crypto asset manager 21Shares, marking the
official start of the regulatory review process.
The filing, dated May 23, 2025, is a
19b-4 form that seeks the SEC’s permission to list the proposed 21Shares SUI
ETF.
It follows 21Shares’ earlier S-1
registration filed on April 30, which outlines the structure and goals of the
fund. Both filings are necessary for the ETF to begin trading in U.S. markets.
With the 19b-4 submission, the SEC now
has up to 240 days to approve, reject, or delay the application. The first
decision deadline is 45 days from the filing, and the final verdict must come
no later than January 18, 2026.
The 21Shares ETF would track the SUI
token, which powers the Sui network, a blockchain network focuses on
decentralized applications and often mentioned as a potential rival to Solana.
The SUI token supports staking for
rewards, gas fee payments, application liquidity, and network governance.
The filing names BitGo and Coinbase Custody as the fund’s custodians but leaves out details on management fees and the ETF’s ticker symbol.
This move makes 21Shares the second
firm to pursue a spot Sui ETF in the U.S., following Canary Capital’s 19b-4 and
S-1 submissions on April 8.
SUI is currently the 11th largest
cryptocurrency, with a market capitalization of $12.3 billion.
While that’s a fraction of Solana’s $92
billion market cap, investor interest in SUI is growing.
According to CoinShares,
exchange-traded products (ETPs) based on SUI now hold $317.2 million in assets
under management. Between May 16 and May 24, SUI ETPs saw $2.9 million in
inflows—trailing only Bitcoin, Ether, Solana, and XRP in net asset growth.
21Shares already lists a SUI-based ETP
on European exchanges Euronext Paris and Euronext Amsterdam, and is looking to
expand its footprint with this U.S. offering.
