On May 23, 2025, Nasdaq filed a 19 – b4 form with the US Securities and Exchange Commission (SEC) on behalf of crypto – asset manager 21Shares to list a spot Sui exchange – traded fund (ETF) in the US, initiating the SEC’s review process. Here are the details:
The Filing Process: The filing follows 21Shares’ April 30 submission of its S – 1 registration statement to the SEC, which asked the regulator to approve the trading of the proposed fund. Both filings are necessary for the Sui – tracking fund to go live. The SEC must decide whether to accept, reject, or delay the application within 45 days, and it can delay its decision multiple times, with a maximum review period of 240 days. The latest date for the SEC to make a decision on 21Shares’ application is January 18, 2026.
Details of the Sui ETF: 21Shares proposed Bitgo and Coinbase Custody as the custodians to hold Sui on behalf of the trust. However, the filing did not include details on a management fee or ticker.
The Significance of the Sui Ecosystem: The Sui token powers the Sui network and serves four main purposes: it can be staked to earn rewards, used to pay gas fees, function as a liquid asset for Sui applications, and serve as a governance token. The Sui ecosystem is largely focused on decentralized applications and has been dubbed a potential “Solana killer”. Sui is the 13th – largest cryptocurrency, with a market cap of $12.3 billion, which is a fraction of Solana’s $92 billion market cap.
21Shares’ Existing Offerings: 21Shares already lists a Sui exchange – traded product in Europe, on the Euronext Paris and Euronext Amsterdam stock exchanges. These listings have contributed to Sui – based exchange – traded products having $317.2 million in assets under management. Flows into Sui ETPs increased by $2.9 million between May 16 and May 24, and it only trails Bitcoin, Ether, Solana, and XRP in terms of net assets.
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