21Shares SUI ETF Reaches Final Stage of Approval Process as Nasdaq Files 19b-4 Form with SEC

The token rose following news that Nasdaq filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) to list the 21Shares SUI exchange-traded fund. This marks the second major step in the ETF approval process. The first, a draft S-1 registration statement, was filed by 21Shares in April.

Nasdaq has filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) to list the 21Shares SUI exchange-traded fund. This marks the second major step in the ETF approval process.

If approved, this would be the first spot SUI ETF listed in the United States, offering traditional investors regulated access to the native token of the Sui blockchain.

SUI appeared to respond to the development, showing strength as it broke through a resistance level at $3.49 with support from significant trading volume, according to CoinDesk Research's technical analysis model. More than 13 million tokens changed hands during the breakout, which coincided with Nasdaq’s filing.

During U.S. afternoon hours, SUI dropped sharply and is down about 1% at press time. The CoinDesk 20, which tracks the broader crypto market, was up only slightly after taking a hit in the afternoon.output: Named in honor of the Chinese celestial deity of joy and longevity, SUI is a new, high-throughput blockchain designed to support the creation and use of decentralized applications (dapps).

The token is used for paying transaction fees, securing the network through staking and governance.

Earlier this year, 21Shares filed a draft S-1 registration statement for a SUI ETF, aiming to provide investors with a convenient and accessible way to invest in the cryptocurrency.

The ETF, to be listed on the Nasdaq Stock Exchange, would track the price of SUI tokens, allowing investors to easily buy and sell the token through their brokerage accounts.

This move comes amid increasing interest in crypto ETFs, with several Bitcoin and Ether ETFs already trading on U.S. exchanges. However, there are still no major crypto ETFs for altcoins like SUI.

The SUI ETF is part of 21Shares' broader strategy to expand its offerings in the U.S. The company, a leading provider of crypto ETFs in Europe, is seeking to introduce a range of crypto products to the American market.

"We are committed to providing innovative and accessible investment products to investors in the U.S.,” said Benoit Pagès, CEO of 21Shares.

"We believe that crypto ETFs are an ideal way to do this, and we are excited to launch the first-ever SLI ETF in partnership with Nasdaq."

The SUI ETF is expected to be approved by the SEC in the coming months. Once approved, the ETF will be available for purchase by retail investors.

This development is part of the broader trend of institutional investors showing interest in the crypto market. Several large institutions, including BlackRock and Cathay Bank, have applied to launch Bitcoin ETFs this year.

As the crypto market continues to grow, we can expect to see more and more products and services being launched to serve the needs of institutional and retail investors alike.

The move by Nasdaq to file for the 21Shares SUI ETF is a significant step in making cryptocurrencies more accessible to the mainstream. It remains to be seen how quickly the ETF will be approved and launched. However, this development is sure to be followed closely by those in the crypto industry.