Nasdaq Files to List the 21Shares SUI ETF Trust

Nasdaq has filed a 19b-4 form with the US Securities and Exchange Commission (SEC) to list the 21Shares SUI ETF.

Nasdaq has filed a 19b-4 form with the US Securities and Exchange Commission (SEC) to list the 21Shares SUI ETF.

The move marks a pivotal step toward bringing a spot SUI exchange-traded fund (ETF) to US markets, even as the network crawls back from recent ecosystem-related woes.

Soaring Metrics Strengthen Case for SUI ETF Approval

The filing, posted to the SEC’s public register, initiates the formal review process for what could be one of the first altcoin-based ETFs in the US after Ethereum.

In a blog, the Sui Foundation said this filing marks the formal start of the US spot SUI ETF review process.

“The 19b-4 filing, now officially posted to the SEC’s public register, marks the formal beginning of the review process,” read an excerpt in the blog.

The filing follows 21Shares’ earlier S-1 registration in April. It represents a significant stride in the institutionalization of the Sui ecosystem.

With over $300 million already invested globally in SUI-based exchange-traded products (ETPs), primarily through Euronext Paris and Amsterdam listings, demand for regulated US exposure is growing.

Nasdaq just filed to list the 21Shares SUI ETF — a spot ETF backed by the SUI token.

From $300M+ in global ETP inflows to a potential U.S. listing, institutional momentum for Sui is very real.

Next stop: institutional adoption. pic.twitter.com/5AGtmXimHs

Sui’s unique technological architecture has bolstered its rise. Sui’s object-oriented programming and horizontally scalable infrastructure support diverse uses. The use cases range from decentralized finance (DeFi) and gaming to real-world asset (RWA) tokenization.

The ecosystem’s metrics reflect this momentum. According to DeFiLlama, Sui ranks eighth in total value locked (TVL), with $1.944 billion currently deployed across its platforms.

Its stablecoin market cap has surged to over $1.1 billion, up more than 190% year-to-date (YTD). Similarly, Sui blockchain’s stablecoin transfer volume exceeded $110 billion in May alone.

SUI Recovers After Cetus Hack Incident

BeInCrypto recently reported the recent $260 million Cetus hack on Sui, which triggered a network freeze amid decentralization concerns. Amid the discourse, the Sui network also faced backlash over the controversial $162 million recovery plan for Cetus.

Cetus is a key decentralized exchange (DEX) and concentrated liquidity protocol within the Sui and Aptos ecosystems. The network has since recovered, with its TVL bouncing back, reassuring participants of the protocol’s resilience.

The platform plays a foundational role in supporting traders, liquidity providers, and DeFi applications built on Move-based chains like Sui.

For Sui, efforts to restore user confidence included a $10 million security overhaul. It shifted toward shared accountability and direct support for dApp builders to prevent future vulnerabilities.

Against this backdrop, the SUI price has rebounded. SUI price is up 18% since the start of June and is currently trading at $3.47. This represents a modest gain of nearly 2% over the last 24 hours.

Mysten Labs President Kevin Boon said the Sui ecosystem has become a primary destination for serious builders and institutions.

“…the milestone of a NASDAQ filing is a powerful moment. We are proud to help 21Shares build towards a world where every investor can access SUI,” an excerpt in the blog, citing Boon.

The move also fuels growing speculation about a broader “Altcoin ETF Summer,” and Bloomberg analyst Eric Balchunas is noticing.

Get ready for a potential "Alt Coin ETF Summer" with Solana likely leading the way (as well as some basket products) via @JSeyff note this morning which includes fresh odds for all the spot ETFs.

Balchunas also noted that the volume in Bitcoin ETFs is already huge. However, the further away you get from BTC, the less volume there will be.

Moreover, Balchunas highlighted that Osprey’s aggressive filing for the Solana ETF could potentially accelerate the SEC’s timeline in making altcoin ETF decisions.

Meanwhile, the SEC has now delayed a decision on the Hedera ETF application, extending the comment period.

“The Commission finds it appropriate to designate a longer period in which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” SEC chair Paul Atkins said.

While the market remains cautiously optimistic, the progression of the 21Shares SUI ETF signals a significant moment in the broader institutionalization of Layer-1 ecosystems.