Nasdaq has officially filed with the U.S. Securities and Exchange Commission (SEC) to list the 21Shares SUI ETF. The spot ETF aims to track the performance of the SUI token, the native asset of the Sui blockchain.
The filing, submitted as a 19b-4 form, marks the formal start of the SEC’s review process. This could pave the way for U.S. investors to gain direct, regulated exposure to one of the most innovative Layer 1 blockchains on the market.
The ETF structure is a passive investment vehicle and aims to mirror the price of SUI tokens without engaging in speculative trading, leverage, or derivatives. Managed by 21Shares US LLC and overseen by CSC Delaware Trust Company, the ETF will use the CME CF Sui—Dollar Reference Rate as its pricing benchmark, calculated by CF Benchmarks Ltd. based on aggregated spot market data from leading SUI exchanges.
The timing follows a surge in institutional interest in the Sui ecosystem. Since late 2024, heavyweight financial institutions like Franklin Templeton, VanEck, Grayscale, and Ant Financial have launched their own Sui-linked investment products. These moves underscore the blockchain’s appeal as a high-performance, scalable platform for decentralized finance (DeFi), non-fungible tokens (NFTs), and tokenized real-world assets.
Over $300 million has already flowed into SUI-based exchange-traded products (ETPs) globally. Specifically, 21Shares’ Sui ETPs on Euronext Paris and Amsterdam have seen particularly strong inflows this year.
How the SUI ETF Will Work
If authorized, investors will be able to purchase and sell shares of the 21Shares SUI ETF on Nasdaq. Each share will reflect a proportionate stake in the trust’s SUI token holdings. The fund’s intraday indicative value (IIV) receives updates every 15 seconds during market hours. Additionally, its net asset value (NAV) will be determined daily, giving market participants real-time transparency.
Authorized financial institutions will manage the creation and redemption of ETF shares in blocks of 10,000 shares, or “Baskets”. All transactions are paid in cash to maintain regulatory compliance and expedite operations. The trust is rigorously focused on watching SUI’s spot price and will not engage in staking, yield creation, or receive any assets from blockchain forks or airdrops.
READ MORE: Crypto Market Rally: Here’s Why Bitcoin and Altcoin Prices are Rising
