- The proposed ETF would provide direct exposure to SUI’s market price.
- The fund does not include a staking component, in contrast to similar applications from other issuers such as Canary Capital.
- The Sui ETF proposal adds to a wave of more than 70 crypto ETF filings under SEC review.
Asset manager 21Shares has filed an S-1 registration with the Securities and Exchange Commission to launch a spot exchange-traded fund tracking Sui (SUI), while also announcing a strategic collaboration with the blockchain network.
The proposed ETF would provide direct exposure to SUI’s market price, with assets held in custody by Coinbase, according to the filing.
Its daily NAV will be based on a benchmark index tracking spot prices, and like other US-approved crypto ETFs, share creations and redemptions would be processed in cash, not in-kind.
Notably, the fund does not include a staking component, in contrast to similar applications from other issuers such as Canary Capital, which has also filed for a spot Sui ETF with staking.
21Shares also announced on Thursday that it has entered into a “strategic partnership” with the Layer 1 network, aimed at expanding its global reach amid rising interest in the Sui ecosystem.
SUI ETPs in Europe
Sui-based exchange-traded products (ETPs) have gained significant traction in Europe, with offerings such as the 21Shares Sui Staking ETP and the VanEck Sui ETP already available to investors.
The US filing comes roughly a year after 21Shares launched the 21Shares Sui Staking ETP in Europe in July 2024.
According to the latest data from CoinShares, these Sui-linked investment vehicles had a combined $400 million in assets under management as of April 25.
Investor interest in the Sui ecosystem appears to be accelerating.
Year-to-date, Sui-based ETPs have attracted $72 million in net inflows, including a notable $20.7 million influx in just the past week.
SUI currently holds a market cap of $12.3 billion, ranking it as the 11th largest cryptocurrency globally.
ETF race expands
The Sui ETF proposal adds to a wave of more than 70 crypto ETF filings under SEC review.
Asset managers such as Bitwise, Grayscale, Franklin Templeton, and REX Shares have submitted filings for spot ETFs tied to Solana, XRP, Dogecoin, Cardano, Avalanche, Hedera, Litecoin, and Polkadot.
21Shares, a Switzerland-based manager, is already active in the US market through its spot Bitcoin and Ethereum ETFs, launched in partnership with Ark Invest.
It has recently expanded its ETF ambitions, submitting applications tied to XRP, Solana, Dogecoin, and Polkadot.
According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, the Solana and Litecoin ETF proposals lead with a 90% chance of approval, followed by XRP (85%), and Dogecoin and Hedera (80%).
The growing flurry of filings reflects a more permissive regulatory environment under the Trump administration, with Paul Atkins, a long-time industry ally, now chairing the SEC.
The agency has dropped multiple lawsuits and initiated public dialogue with crypto firms, indicating a departure from the stance of former Chair Gary Gensler.
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