Nasdaq Publishes 19b-4 Form for the 21Shares SUI ETF

This application starts the formal review process of the first U.S-based spot ETF tied to the SUI token.

Nasdaq has officially filed the 19b-4 form for the 21Shares SUI ETF with the SEC’s public register. This application initiates the formal review process of the first U.S-based spot ETF tied to the SUI token.

The move follows a previous S-1 registration by 21Shares and showcases the burgeoning trend of regulated crypto investment products in the U.S. The 21Shares SUI ETF will track the CME CF Sui Dollar Reference Rate and offer passive exposure to the SUI token without using leveraged or yield-generating strategies.

The fund will have a transparent structure with daily NAV calculations for fair valuation. BitGo and Coinbase Custody will store the SUI tokens on behalf of the Trust. The ETF will not include staking, airdrops or token forks in its valuation. The shares will be in fixed blocks of 10,000, so as to provide stability in operations and minimum market disruption.

The product will provide institutional-quality access to the native asset of the Sui blockchain. The Trust will transact only in cash with the authorized participants to reduce risks. The transfer and conversion of tokens will be done through fund administrators on behalf of investors.

The Sui network has seen a surge in interest from financial institutions and developers since its mainnet launch in 2023. The global assets under management of SUI-based investment products have surpassed $300 million. 21Shares has seen increased inflows across its Sui ETPs listed on Euronext Paris and Amsterdam.

Canary Capital, VanEck, and Franklin Templeton have initiated programs associated with the Sui blockchain. Grayscale and Ant Financial have either launched or explored other products linked to Sui in the last three quarters. These advancements highlight the growing interest in the network due to real-world uses and institutional integration.

The architecture of Sui enables fast and cheap transactions and powers applications related to DeFi, gaming and tokenization of assets. It’s unique model boosts scalability which has led to robust ecosystem growth. In May 2025, the volume of stablecoin transfers on Sui exceeded $110 billion.

The network ranks eighth in total value locked, with a stablecoin market cap of more than $1.1 billion. The stablecoin transactions on Sui has seen a 190% year-to-date surge, boosting confidence in its infrastructure. This performance narrative further strengthens demands for wider integration of financial products.

Meanwhile, U.S legislators have advanced the Digital Asset Market Clarity Act to clarify regulatory jurisdictions. The bill has cleared the House Agriculture Committee in a wide bipartisan vote and is now with the Financial Services Committee. It aims to separate the roles of SEC and CFTC as well as protect developers and non-custodial platforms.