Crypto investment firm 21Shares has taken another significant step toward expanding its footprint in the United States by filing for a spot Sui exchange-traded fund (ETF).
On April 30, 21Shares submitted a Form S-1 to the U.S. Securities and Exchange Commission (SEC), seeking approval to launch the 21Shares Sui ETF. The fund aims to reflect the performance of SUI tokens held by the company’s American division.
This move follows 21Shares’ previous launch of the Sui Staking ETP in Europe back in July 2024, where it debuted on Euronext Paris and Euronext Amsterdam.
No Exchange or Ticker Confirmed Yet
The filing, which spans 128 pages, does not mention a specific U.S. exchange where the ETF would trade, nor has a ticker symbol been assigned.
It notes that there’s no guarantee of consistent market liquidity or that the ETF’s market price will always align with its net asset value (NAV).
The proposed ETF is designed to offer direct exposure to SUI without relying on leverage, derivatives, or speculative strategies.
Canary Capital Beat Them to the Punch
21Shares isn’t the first to attempt launching a Sui ETF in the U.S. Canary Capital, a crypto-focused investment firm based in the U.S., submitted its own Form S-1 for a similar product on March 17. The Cboe BZX Exchange followed up by requesting regulatory approval to list Canary’s ETF in early April.
In Europe, Sui-linked exchange-traded products have already seen some adoption. These include offerings from both 21Shares and VanEck, with the latest data from CoinShares showing $400 million in assets under management for Sui-based ETPs as of April 25.
So far this year, these products have attracted $72 million in inflows—$20.7 million of that arriving just last week.
21Shares’ application adds to the growing pile of crypto ETF proposals waiting for the SEC’s green light. Bloomberg ETF analysts Eric Balchunas and James Seyffart noted that, as of May 1, at least 72 crypto ETF applications were under review.
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