Is the Sui ETF the Next Big Thing or Just Another Crypto Fad? 🤔💸

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In a rather audacious move, the esteemed Nasdaq has taken it upon itself to file for the illustrious crypto asset manager, 21Shares, to list a spot Sui exchange-traded fund (ETF) in the grand old US of A. This, dear reader, has set the stage for the Securities and Exchange Commission (SEC) to embark on its review process, a bureaucratic ballet that is as thrilling as watching paint dry. 🎨

On the fateful day of May 23, the stock market submitted its 19b-4 filing, a document that requests the SEC to bless the 21Shares SUI ETF with its approval. This follows the earlier submission of an S-1 registration statement by 21Shares on April 30, which, in a fit of optimism, asked the regulator to permit trading of this proposed fund. One can only imagine the excitement in the air! 😅

Both of these regulatory filings are essential for the Sui (SUI) tracking fund to come to life, with the 19b-4 filing serving as the catalyst for the SEC’s review process. The agency, in its infinite wisdom, must decide whether to accept, reject, or delay the application within a mere 45 days. And, oh joy, it can delay its decision multiple times, stretching the review period to a maximum of 240 days. Who doesn’t love a good cliffhanger? 📅

Mark your calendars, for the SEC must render its verdict on 21Shares’ application by the latest date of January 18, 2026. The suspense is palpable!

In a stroke of brilliance, 21Shares has proposed BitGo and Coinbase Custody as the custodians to hold SUI on behalf of the trust. However, the filing, in a rather cheeky manner, did not include any details on a management fee or ticker. Because who needs clarity in the world of finance, right? 😂

Interestingly, Canary Capital is the only other asset manager that has submitted 19b-4 and S-1 filings to list a spot Sui ETF, having filed the forms on April 8. It seems they are not the only ones chasing this elusive dream!

According to the 19b-4 filing, the SUI token is the lifeblood of the Sui network, serving four main purposes: it can be staked to earn rewards, used to pay gas fees, function as a liquid asset for Sui applications, and, of course, serve as a governance token. Quite the multitasker, wouldn’t you say? 💪

The Sui ecosystem, with its ambitious focus on decentralized applications, has been dubbed a potential Solana killer. A bold claim, indeed! SUI currently holds the title of the 13th-largest cryptocurrency, but its $12.3 billion market cap is but a mere shadow compared to Solana (SOL)’s impressive $92 billion market cap, as per CoinGecko. Talk about a David and Goliath scenario!

21Shares Aims to Add to SUI Offerings

In a display of ambition, 21Shares already lists a Sui exchange-traded product in Europe, gracing the Euronext Paris and Euronext Amsterdam stock exchanges with its presence.

These listings have contributed to SUI-based exchange-traded products boasting $317.2 million in assets under management (AUM), according to a report from CoinShares dated May 26. Not too shabby, if I may say so!

In a final flourish, flows into SUI ETPs increased by $2.9 million between May 16 and May 24, trailing only behind the titans: Bitcoin (BTC), Ether (ETH), Solana, and XRP (XRP) in terms of net assets. The race is on! 🏁

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2025-05-28 04:24