Nasdaq has officially filed with the Securities and Exchange Commission (SEC) to list a spot Sui (SUI) exchange-traded fund (ETF) proposed by crypto asset manager 21Shares. This filing kicks off the SEC’s review process. This marks a significant step toward potentially bringing the first-ever spot Sui ETF to U.S. markets, as the agency begins its evaluation of the proposal.
Nasdaq’s Filing Kicks Off SEC Review Process
On May 23, Nasdaq submitted a 19b-4 filing with the SEC, requesting approval to list the 21Shares Sui ETF. This filing follows 21Shares’ April 30 submission of its S-1 registration statement. This statement formally asked the SEC to approve trading of the proposed fund.
Both regulatory filings are essential for the Sui-tracking fund to go live. The 19b-4 filing initiates the SEC’s review process, during which the agency must decide whether to accept, reject, or delay the application within 45 days. However, the SEC can extend its decision multiple times. It has a maximum review period of 240 days.
The SEC must decide on 21Shares’ application by Jan. 18, 2026, at the latest. If approved, the 21Shares Sui ETF would allow investors to gain exposure to Sui (SUI) —the 13th-largest cryptocurrency by market capitalization—through a regulated financial product.
Key Details of the Proposed Sui ETF
According to the 19b-4 filing, the SUI token powers the Sui network and serves four primary functions:
- Staking: Users can stake SUI tokens to earn rewards.
- Gas Fees: SUI is used to pay for transaction fees on the network.
- Liquidity: It acts as a liquid asset for decentralized applications (dapps) built on Sui.
- Governance: SUI holders can participate in governance decisions for the ecosystem.
The Sui network is primarily focused on decentralized applications and has been dubbed a potential competitor to Solana (SOL). While Sui’s market cap stands at $12.3 billion, it remains a fraction of Solana’s $92 billion valuation, according to CoinGecko.
Custodians and Missing Details
The filing names BitGo and Coinbase Custody as the custodians responsible for holding SUI tokens on behalf of the trust. However, key details such as the management fee and ticker symbol were not included in the submission.
This marks the second attempt to list a spot Sui ETF in the U.S. Canary Capital previously filed both 19b-4 and S-1 forms on April 8.
Growing Demand for Sui-Based Products
21Shares already lists a Sui exchange-traded product (ETP) in Europe, available on the Euronext Paris and Euronext Amsterdam stock exchanges. These listings have contributed to SUI-based ETPs amassing $317.2 million in assets under management (AUM). This is according to a May 26 report from CoinShares.
Flows into SUI ETPs increased by $2.9 million between May 16 and May 24, highlighting growing investor interest. Currently, SUI ranks fourth among cryptocurrencies in terms of net inflows. It trails only Bitcoin (BTC), Ether (ETH), Solana (SOL), and XRP.
Why This Matters for Crypto Investor
The push for a spot Sui ETF reflects the growing demand for regulated investment vehicles tied to emerging cryptocurrencies. If approved, the 21Shares Sui ETF could provide U.S. investors with an accessible way. Specifically, it would allow them to gain exposure to Sui’s innovative ecosystem, which focuses on decentralized applications and high-performance blockchain solutions.
For 21Shares, this filing represents an opportunity to expand its footprint in the U.S. market. Meanwhile, it builds on its success in Europe. Meanwhile, the broader crypto industry will be watching closely to see if the SEC approves the listing—a decision that could set a precedent for other spot ETF applications.
Final Thoughts
Nasdaq’s filing for the 21Shares Sui ETF marks a pivotal moment in the journey toward mainstream adoption of cryptocurrency-based financial products. As the SEC reviews the application, investors and industry participants alike await the outcome. It could shape the future of spot ETFs in the U.S.
For now, all eyes remain on the SEC’s decision, expected by January 18, 2026, at the latest. Whether the 21Shares Sui ETF gains approval or faces delays, its progress underscores the evolving landscape of regulated crypto investments.
