21Shares has become the second organization to file for a spot SUI-ETF with the U.S. Securities and Exchange Commission (SEC). According to recent news, the asset is responding to this initiative with a rise in value.
This is reported by Finway
Previously, the firm Canary Capital also announced its intentions to launch a similar fund. The 21Shares Sui ETF aims to provide investors with direct access to the asset by making investments directly rather than through derivatives. At this time, no ticker or exchange has been specified for trading, but it is known that Coinbase Custody will serve as the custodian, and the issuance and redemption of shares will be conducted in cash.
Partnership and Prospects
Importantly, the application does not mention 21Shares’ intentions to generate income through staking, which may enhance the chances of the product’s approval, as the legal status of such actions in the U.S. remains uncertain. Another company, Canary Capital, has also expressed interest in launching a spot SUI-ETF, filing its application immediately after signing a partnership agreement with the World Liberty Financial platform, which has ties to U.S. President Donald Trump.
“Given the speed and efficiency of the Sui blockchain, we believe it will become a destination for many future projects,” said Canary Capital CEO Steven McClurg.
Market Reaction
In light of the news, the SUI asset reacted in the market with a significant increase, surpassing the $3.7 mark, and continues to rise at the time of preparing this material. Bloomberg experts had previously predicted that the first approved ETFs based on altcoins would be products based on Solana and Litecoin.