Swiss Firm "21Shares" Files to List the First SUI-Based ETF

Swiss digital asset firm “21Shares” has officially filed a request to list the first exchange-traded fund (ETF) based on the native token SUI of the Sui blockchain.

Swiss digital asset firm 21Shares has taken the initiative to file a request with the U.S. Securities and Exchange Commission (SEC) for the listing of the first exchange-traded fund (ETF) based on the native token SUI of the Sui blockchain.

The filing, which was submitted through Nasdaq on May 23, 2025, via Form 19b-4, was registered with the SEC, initiating the formal review process.

If approved, the ETF would offer investors access to SUI via traditional financial markets, following the example of existing ETF products for assets like Bitcoin and Ethereum.

Sui is a Layer 1 blockchain known for its scalability, low transaction fees, and architecture tailored to support smart contracts. It was built using the Move programming language, originally developed by Meta, giving the network a technical edge over many of its competitors.

This ETF filing not only affirms the strength of the Sui project but also highlights growing institutional interest in expanding beyond crypto’s most established players.

Sui Strengthens Despite Technical Setbacks

The ETF proposal comes on the heels of a major challenge for the Sui ecosystem: a $223 million hack targeted at the Cetus DeFi protocol.

However, the team behind Sui was able to quickly freeze $160 million of the stolen funds and has offered a $6 million bounty to recover the remainder. Additionally, a $10 million fund has been launched to improve the security of the ecosystem. Importantly, the breach was traced to a bug in Cetus’ math library, not a vulnerability in the Sui network or its Move codebase.

This swift and transparent response has helped to maintain confidence in Sui’s infrastructure, a key factor for financial products like ETFs to gain traction. The current market price of SUI is around $3.64, showing modest daily gains. If the ETF is approved, demand could grow substantially, potentially driving price appreciation and increasing adoption.

The Crypto ETF Wave Expands Further

21Shares isn’t the only asset manager exploring a Sui ETF. Canary Capital also submitted a similar proposal through the CBOE last month.

Bloomberg analysts Eric Balchunas and James Seyffart believe that SEC approval for these funds is unlikely in the immediate term, predicting the green light may come in the early fourth quarter of 2025. The SEC has already postponed decisions on other crypto ETFs, including one focused on XRP.

Interest in the SUI token is no longer limited to blockchain ecosystem enthusiasts; it is now also attracting Wall Street.