21Shares Files for Spot SUI ETF in the U.S., Partners with Sui Network

Crypto asset manager 21Shares has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch a spot Sui (SUI) exchange-traded fund (ETF)

Crypto asset manager 21Shares has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch a spot SUI exchange-traded fund (ETF), heating up the race to expand institutional access to emerging blockchain assets.

The proposed ETF will provide investors with a way to gain direct exposure to SUI, the standard token of the Sui Layer 1 blockchain, which launched its mainnet in May 2024.

According to the filing, the ETF’s holdings will be custodied by Coinbase (NASDAQ:COIN), with daily net asset values (NAV) being calculated using a benchmark index that tracks the spot market price of SUI.

It is also stated that all ETF share creations and redemptions will be executed in cash, as opposed to in-kind transfers of SUI tokens.

Announcing the partnership with Sui

In a press release on Thursday, 21Shares also disclosed a “strategic partnership” with the Sui network in the scope of the ETF application.

While other crypto ETFs have integrated staking capabilities to generate passive income for investors, 21Shares noted that this particular fund will not engage in staking any portion of its SUI holdings.

This development positions 21Shares at the forefront of introducing emerging blockchain assets to the U.S. investment market in the form of compliant and accessible investment products.

The move could ultimately contribute to facilitating broader institutional adoption of the fast-growing Sui ecosystem within the U.S.

See Also: How To Invest In Blockchain Technology

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