Key Takeaways
- Under the plan, the fund would physically hold SUI tokens in custody with Coinbase.
- The fund’s value would be determined daily based on a pricing index reflecting spot trading of the SUI token.
21Shares, a Switzerland-based asset management firm, has submitted a fresh application to U.S. regulators for an exchange-traded fund (ETF) centered on SUI, the native token powering the Sui blockchain. The proposal, filed via a Form S-1 with the U.S. Securities and Exchange Commission (SEC), aims to offer investors a vehicle for direct exposure to SUI’s market price.
Under the plan, the fund would physically hold SUI tokens in custody with Coinbase. Unlike ETFs that engage in staking to generate yield, this product is structured solely to mirror price performance and will not participate in network staking. Transactions involving fund shares—both issuance and redemption—would be handled in cash rather than by transferring SUI tokens directly.
The fund’s value would be determined daily based on a pricing index reflecting spot trading of the SUI token.
SUI, developed by Mysten Labs—an initiative founded by former Meta engineers—operates as a high-performance Layer 1 blockchain. It leverages parallel transaction execution and uses the Move programming language, making it a strong fit for decentralized applications, NFTs, gaming platforms, and DeFi protocols.
Following the announcement, SUI’s token experienced a notable price movement, trading around $3.68 with a daily gain exceeding 10%. Market sentiment appeared to respond positively to the ETF news, which surfaced on the SEC’s website. SUI now boasts a market capitalization of approximately $11.8 billion, placing it just shy of the top 10 cryptocurrencies by value.
Speaking at the annual Sui Basecamp conference, 21Shares President Duncan Moir reflected on the company’s early interest in the blockchain. “From the beginning, we saw Sui as a standout project with the potential to transform the space—and we’re seeing that vision come to life,” he said.
This is not the first effort to bring a SUI-focused ETF to U.S. investors. Canary Capital had filed a similar application in mid-March, and the Cboe BZX Exchange followed up in April by petitioning the SEC for permission to list the fund.
The latest filing also fits into 21Shares’ expanding ETF portfolio in the U.S. market. In addition to existing spot products for Bitcoin and Ethereum (launched in partnership with ARK Invest), the firm has submitted proposals for ETFs tied to a variety of cryptocurrencies, including Dogecoin, XRP, Solana, and Polkadot.
Meanwhile, the Sui Foundation continues to expand the ecosystem. In a recent development, it announced a collaboration with Fireblocks to enhance institutional security and infrastructure on the network.
