Nasdaq Files For SUI ETF, Targeting the Sui Blockchain's Native Token

Nasdaq has officially filed for a new exchange-traded fund (ETF) tied to the Sui blockchain's native token.

Nasdaq has officially filed for a new exchange-traded fund (ETF) tied to the Sui blockchain’s native token.

According to a recent SEC filing, Nasdaq submitted a 19b-4 application to the U.S. Securities and Exchange Commission (SEC) for the 21Shares SUI ETF.

Nasdaq Files For Sui ETF

While Bitcoin and Ethereum already have ETF products in the works or available, Sui would be a new player in the ETF space. The filing was done by Nasdaq’s Senior Associate General Counsel Sun Kim, using the formal 19b-4 form. This is a key step in getting the necessary approval from the SEC for the ETF to trade in regular markets.

If approved, the ETF would allow investors to gain exposure to Sui without needing to personally buy or hold any SUI tokens.

This could bring increased attention and demand to Sui, which is known for its high-speed transactions and support for smart contracts and decentralized finance (DeFi) projects.

Furthermore, the SUI ETF plan is part of a broader trend, as more companies are applying for altcoin ETFs.

Specifically, several firms have submitted applications for Litecoin, Solana, and XRP ETFs.

Many Have High Chance Of Approval

According to a report by Bloomberg, which cited data from the Depository Trust & Clearing Corporation, many of these altcoin ETFs have a 75% or higher chance of getting approved by the SEC soon.

This signals a strong interest in altcoins, expanding beyond the usual focus on Bitcoin and Ethereum.

However, it’s worth noting that in December 2023, the SEC rejected applications for Bitcoin ETFs from firms like Bitwise and attempts by SparkToro to create an Ethereum ETF.

Moreover, in January 2024, the SEC postponed its decisions on several Bitcoin ETF applications from well-known companies like BlackRock and Charles Schwab.

These applications are now set to be reviewed by February 2024.

The post Nasdaq Officially Files For SUI ETF As Altcoin ETF Applications Surge appeared first on iHoDL.com.

An iHoDL contributor, Ben Hoberman, has disclosed personal holdings of Bitcoin, Ethereum, Litecoin, Solana, and XRP—all of which are covered in the report by Eric Balchunas, a senior analyst at Bloomberg, and which began with a focus on SparkToro’s application for an Ethereum ETF.

In his analysis, Balchunas calculated the probabilities of approval for various ETF applications, taking into account the number of days it typically takes for an ETF to be approved once an application is filed.

According to his calculations, many of the altcoin ETFs have a 75% or higher chance of being approved by the third week of January 2024.

However, Balchunas also noted that in December 2023, the SEC rejected applications for Bitcoin ETFs from Bitwise and SparkToro’s attempt to create an Ethereum ETF.

Additionally, in January 2024, the SEC postponed its decisions on several Bitcoin ETF applications from BlackRock and Charles Schwab, among others, until February 2024.

These applications are now set to be reviewed by February 2024.

The post Nasdaq Officially Files For SUI ETF As Altcoin ETF Applications Surge appeared first on iHoDL.com.

.