21Shares Sui ETF Filing: SEC Review Begins
21Shares Sui ETF Awaits SEC Approval
Nasdaq has filed to list a spot Sui exchange-traded fund (ETF) proposed by crypto asset manager 21Shares. This filing initiates the Securities and Exchange Commission's (SEC) review process, marking a significant step for Sui's entry into the US ETF market.
The May 23rd 19b-4 filing follows 21Shares' April 30th submission of its S-1 registration statement to the SEC. Both filings are crucial for the Sui (SUI) tracking fund's launch. The SEC's 45-day review period (with potential extensions up to 240 days) will determine whether the ETF is approved.
Key Details of the 21Shares Sui ETF Filing
- Filing Date: May 23, 2025
- Proposed Custodians: BitGo and Coinbase Custody
- SEC Decision Deadline: January 18, 2026 (at the latest)
- Competition: Canary Capital has also filed for a spot Sui ETF.
21Shares highlights SUI's role within the Sui network, including staking rewards, gas fee payments, functionality as a liquid asset for Sui applications, and its use as a governance token. The Sui ecosystem, focused on decentralized applications (dApps), has been compared to Solana.
Market Context and 21Shares' Existing Offerings
Sui (SUI) ranks as the 13th-largest cryptocurrency, boasting a market cap of $12.3 billion (a fraction of Solana's $92 billion). 21Shares already offers a Sui exchange-traded product (ETP) in Europe, with $317.2 million in assets under management (AUM) as of May 26th.
Recent flows into SUI ETPs show growing investor interest, with $2.9 million in inflows between May 16th and 24th. This places SUI behind only Bitcoin (BTC), Ether (ETH), Solana (SOL), and XRP (XRP) in terms of net assets.
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