Nasdaq Advances 21Shares' SUI ETF Proposal, Kicking Off SEC Review

This strategic move follows 21Shares' earlier S-1 registration filing in April, signaling an increasing institutional interest in the Sui ecosystem.

Nasdaq has taken a key step toward listing the 21Shares SUI ETF by filing a 19b-4 form with the U.S. Securities and Exchange Commission (SEC), according to an announcement by Sui Foundation on Saturday.

This move marks the start of the SEC's review of the proposed U.S. spot ETF product tracking the SUI token.

Nasdaq's filing comes after 21Shares submitted the S-1 registration statement in April, highlighting the increasing interest in the Sui ecosystem from institutional investors.

With over $300 million already invested in SUI-based exchange-traded products globally, the potential U.S. listing would provide greater access to Sui's Layer 1 blockchain, known for its performance and utility. Currently, 21Shares offers a Sui ETP on Euronext Paris and Amsterdam, which has seen strong growth in investment flows this year.

Major financial entities, including Canary Capital, Ant Financial, Franklin Templeton, VanEck, and Grayscale, have also been engaging with the Sui ecosystem since late last year, launching various investment products or initiatives on Sui.

Kevin Boon, President of Mysten Labs, noted, "The breadth of the Sui ecosystem, a primary destination for serious builders and institutions, is well-reflected in the news that 21Shares is now filing 19b-4 with NASDAQ for the SUI ETF, an initiative that we've been closely involved in."

"We are proud to help 21Shares build towards a world where every investor can easily access SUI."

Sui, the only blockchain designed for mass adoption, leverages an object-oriented programming model and a uniquely scalable architecture to enable a wide range of applications, from DeFi and gaming to real-world asset tokenization.

Ranked eighth by total value locked (TVL), the Sui network's stablecoin market cap has exceeded $1.1 billion, marking a 190% increase year-to-date. In May 2025 alone, stablecoin transfer volume on Sui surpassed $110 billion, showcasing the growing utility and adoption of the network.