Nasdaq files for 21Shares Sui ETF, kicking off SEC review

Nasdaq has filed to list a spot Sui exchange-traded fund (ETF) proposed by 21Shares, initiating the Securities and Exchange Commission’s (SEC) review process. This follows 21Shares’ previous submission of an S-1 registration statement. Both filings are crucial for the Sui (SUI) tracking ETF to launch. The SEC’s 45-day decision window (with potential extensions) means a final determination is expected by January 18, 2026, at the latest.

The 19b-4 filing, submitted on May 23rd, officially kicks off the SEC’s review. 21Shares has proposed BitGo and Coinbase Custody as custodians for the SUI tokens held on behalf of the trust. However, details regarding management fees and the ETF’s ticker symbol remain undisclosed. Canary Capital is the only other firm to have filed both the necessary 19b-4 and S-1 forms, having done so on April 8th.

21Shares highlights SUI’s four primary functionalities within the Sui network: staking for rewards, gas fee payments, utility as a liquid asset for Sui applications, and its role as a governance token. The Sui ecosystem, heavily focused on decentralized applications (dApps), has been touted as a potential competitor to Solana. Despite being the 13th largest cryptocurrency by market capitalization ($12.3 billion), it significantly lags behind Solana’s $92 billion market cap, according to CoinGecko.

This ETF application builds upon 21Shares’ existing European presence. They already offer a Sui exchange-traded product (ETP) on Euronext Paris and Euronext Amsterdam. These listings have contributed to a substantial $317.2 million in assets under management (AUM) for SUI-based ETPs as of May 26th, according to CoinShares. Recent data shows positive inflows into SUI ETPs, totaling $2.9 million between May 16th and 24th, placing it among the top cryptocurrencies in terms of net asset flows, trailing only Bitcoin, Ether, Solana, and XRP.