Nasdaq Files to List 21Shares Spot Sui ETF, Triggering SEC Review
Nasdaq has officially submitted a filing to the U.S. Securities and Exchange Commission (SEC) to list a spot Sui (SUI) exchange-traded fund (ETF) by crypto asset manager 21Shares, initiating the SEC’s formal review process.
The 19b-4 filing, submitted on May 23, follows 21Shares’ earlier S-1 registration statement filed on April 30. Both filings are required for the proposed fund to launch. The SEC now has 45 days to accept, reject, or delay the application—and may extend the review process up to 240 days, setting January 18, 2026 as the final deadline for a decision.
What the 21Shares SUI ETF Proposes
According to the filing, the fund would offer direct exposure to the SUI token, the native asset of the Sui blockchain, a layer-1 network designed for high-performance decentralized applications. The filing outlines SUI’s four key functions:
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Staking to earn rewards
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Gas fee payments on the network
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Liquidity for applications on Sui
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Governance of the network
The ETF would be custodied by BitGo and Coinbase Custody, though specific management fees and a ticker symbol have not yet been disclosed.
21Shares already offers a SUI exchange-traded product (ETP) in Europe, listed on Euronext Paris and Euronext Amsterdam. These have helped push SUI-based ETP assets under management (AUM) to $317.2 million, according to a May 26 CoinShares report.
Sui vs. Solana: The “Solana Killer”?
SUI is the 13th-largest cryptocurrency, with a market capitalization of $12.3 billion—still far behind Solana’s $92 billion. Often dubbed a “Solana killer,” Sui’s ecosystem focuses on speed, scalability, and application development.
Other Competitors
Canary Capital is the only other firm to file both an S-1 and 19b-4 to list a spot Sui ETF, having done so on April 8. This growing interest suggests that institutional appetite for SUI exposure is on the rise.
Context: Growing Demand for Crypto ETFs
21Shares’ move follows a wave of new spot ETF proposals across various cryptocurrencies, including Solana, XRP, and Dogecoin, amid a more crypto-friendly regulatory climate under the Trump administration.
If approved, the 21Shares SUI ETF would be among the first spot ETFs to provide regulated exposure to a non-Bitcoin, non-Ethereum layer-1 network in the U.S.
