Nasdaq has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) seeking approval to list a spot Sui ETF from crypto asset manager 21Shares. This move kicks off the SEC’s formal review process.
The 19b-4 filing was made on May 23, following 21Shares’ earlier S-1 registration form submitted on April 30. Both documents are required for the fund — which would track the Sui (SUI) token — to be listed and traded in the U.S.
The 19b-4 triggers the SEC’s timeline to review the ETF proposal, giving the regulator 45 days to make an initial decision to approve, deny, or extend its review. The SEC can defer the decision several times, for a maximum review period of up to 240 days. The final deadline for a decision is January 18, 2026.
In its filing, 21Shares named BitGo and Coinbase Custody as the custodians for the SUI tokens. However, the documents didn’t disclose the management fee or the ETF’s trading ticker.
Canary Capital is currently the only other firm that has submitted the required filings for a spot Sui ETF, having done so on April 8.
According to the filing, the SUI token underpins the Sui blockchain network, offering utility in four main areas: staking for rewards, paying network fees, use in decentralized apps, and governance participation.
The Sui network is aimed at powering decentralized applications and has been touted as a potential rival to Solana.
While SUI is the 13th-largest crypto asset by market capitalization — with a $12.3 billion market cap — it still trails Solana’s $92 billion, per CoinGecko data.
21Shares Looks to Expand SUI Investment Access
21Shares already offers a Sui exchange-traded product (ETP) on the Euronext Paris and Amsterdam exchanges. These European listings contribute to a total of $317.2 million in assets under management across SUI-based ETPs, according to a CoinShares report dated May 26.
Between May 16 and May 24, SUI investment products saw $2.9 million in net inflows, ranking just behind Bitcoin, Ethereum, Solana, and XRP in terms of ETP asset size.
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