David Edwards
Nasdaq has formally submitted a rule change proposal to the U.S. Securities and Exchange Commission (SEC) seeking approval for crypto asset manager 21Shares to list a spot Sui exchange-traded fund (ETF). The 19b-4 filing, dated May 23, triggers the SEC’s official review process for the proposed fund.
This submission follows 21Shares’ April 30 S-1 registration statement, which outlined the fund’s structure and objectives. Both filings are prerequisites for regulatory approval of the 21Shares SUI ETF, which would be the first U.S.-listed ETF to track the performance of the Sui (SUI) blockchain’s native token.
Under SEC guidelines, the agency must make an initial decision—approval, denial, or delay—within 45 days of the 19b-4 filing. However, the review can be extended up to 240 days, setting a final decision deadline of January 18, 2026.
Institutional Interest in SUI Grows
If approved, the ETF would be supported by crypto custodians BitGo and Coinbase Custody, although specifics regarding the fund’s ticker symbol and management fees were not disclosed in the filing.
21Shares emphasized that the SUI token underpins the Sui network and serves multiple functions: staking, gas payments, liquidity provisioning for decentralized applications, and on-chain governance. The Sui blockchain has been recognized for its focus on decentralized apps and is often positioned as a rival to Solana in terms of technical architecture and user experience.
SUI currently ranks as the 13th-largest cryptocurrency, with a market capitalization of approximately $12.3 billion. Although significant, this remains well below Solana’s $92 billion market cap.
ETF Race Gains Momentum
21Shares is not the only firm eyeing a U.S.-based Sui ETF. Canary Capital submitted both 19b-4 and S-1 filings for a similar product on April 8, intensifying the race to bring SUI exposure to American institutional investors.
Globally, 21Shares already offers a Sui exchange-traded product listed on Euronext Paris and Amsterdam. According to CoinShares data as of May 26, total assets under management (AUM) for SUI-based exchange-traded products stand at $317.2 million. Between May 16 and May 24, inflows into SUI products grew by $2.9 million, trailing only Bitcoin, Ethereum, Solana, and XRP in net asset rankings.
