Nasdaq Launches SEC Review for 21Shares Sui ETF

A new spot Sui ETF proposal enters the SEC pipeline as Nasdaq submits 21Shares’ listing request, marking a significant move toward broader U.S. market access.

Nasdaq Moves to List Spot Sui ETF

Nasdaq has formally filed with the U.S. Securities and Exchange Commission (SEC) to allow crypto investment firm 21Shares to list a spot Sui exchange-traded fund (ETF), beginning the regulatory review process.

The May 23 filing, a 19b-4 form, seeks permission for public trading of the 21Shares SUI ETF. This step follows an earlier S-1 registration from April 30, in which 21Shares proposed the new fund to the SEC.

Both filings are necessary for the fund to launch. The SEC now has up to 240 days to approve, reject, or delay the application. An initial decision must come within 45 days.

The final deadline for a decision on the 21Shares proposal is set for January 18, 2026.

Picture Nasdaq Launches SEC Review for 21Shares Sui ETF 2 | TON app

Custodians Named, Fee Still Unknown

21Shares named BitGo and Coinbase Custody as custodians for holding SUI tokens on behalf of the fund. However, the filing left out information on fees or a potential trading ticker.

Canary Capital is the only other asset manager that has filed similar documents to offer a spot Sui ETF. Their submissions were filed on April 8.

According to the 19b-4 filing, the SUI token fuels the Sui network and serves four core roles: staking for rewards, paying transaction fees, enabling liquidity for Sui-based apps, and governance voting.

Sui Network Eyes Solana’s Market Share

Sui’s blockchain is geared toward decentralized applications and is sometimes referred to as a potential competitor to Solana.

While SUI is currently the 13th-largest crypto asset by market capitalization, its $12.3 billion valuation remains modest compared to Solana’s $92 billion, per CoinGecko data.

Picture Nasdaq Launches SEC Review for 21Shares Sui ETF 3 | TON app

21Shares Expands Global Sui Exposure

In Europe, 21Shares already lists a Sui ETP on the Euronext exchanges in both Paris and Amsterdam. These listings have helped SUI-based exchange-traded products reach $317.2 million in assets under management (AUM), based on CoinShares’ May 26 report.

Between May 16 and May 24 alone, these products saw inflows of $2.9 million, ranking just behind BTC, ETH, SOL, and XRP in total net assets across crypto ETPs.