21Shares Takes Another Step Towards the Launch of Its Sui ETF

This time, the Nasdaq Stock Exchange has filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) on behalf of the asset manager to list and trade shares of this fund.

Nasdaq has filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of 21Shares’ (CRYPTO: COIN) new ETF on the Nasdaq Stock Exchange.

The filing, which was submitted on Wednesday, officially initiates the review process, during which the Commission will approve or deny the application.

Nasdaq is listing 21Shares’ ETF that will provide institutional investors with exposure to SUI, which is the native token of the Sui network. Earlier this month, 21Shares filed the S-1 with the SEC for this fund.

The news comes following the Cetus hack, which shook the Sui ecosystem last week. After the incident, the network confirmed in a report on Wednesday that a bug in Cetus’ math library led to the hack.

The team has so far frozen $160 million of the stolen funds and has launched a $6 million reward to recover the remaining amount. Moreover, the network is launching a $10 million fund to boost the ecosystem’s security.

Earlier this year, the SEC approved filings for several bitcoin futures ETFs from asset managers like Invesco (NYSE:IVZ) and BlackRock (NYSE:BLK). However, the Commission has since been delaying the approval process for other crypto ETFs.

Earlier this month, the SEC also delayed the CoinShares XRP ETF, despite already approving several other ETCs from the asset manager.

According to predictions by Bloomberg analysts Eric Balchunas and James Seyffart, the SEC is unlikely to approve these funds anytime soon. Instead, they predict that approval for the crypto ETFs will come in the early part of the fourth quarter of this year.

Furthermore, only 21Shares and Canary Capital have filed to offer a Sui ETF. While CBOE had filed the 19b-4 for Canary Capital’s ETF last month, the filing for 21Shares’ fund marks the second application for a Sui ETF.