21Shares requests SEC approval for Spot SUI ETF on the US market

• The proposed ETF would offer direct access to the Sui market price.
• The fund, in contrast to similar applications of other issuers, does not contain any staking component.
• The SUI ETF proposal contributes to a wave of more than 70 crypto ETF applications that are currently being examined by the Sec.

The asset manager 21shares submitted an S-1 application to start a spot-exchange-traded find, the SUI (SUI), and at the same time announced strategic cooperation with the blockchain network.

The proposed ETF would offer direct access to the Sui market price, whereby the assets are kept in accordance with Coinbase.

The daily NAV is based on a benchmark index that follows the spot prices, and as in other crypto ETFs approved by the USA, the creation and withdrawal of shares in cash and not in nature would take place.

It is remarkable that the fund does not contain any staking component, in contrast to similar applications from other issuers such as Canary Capital, who have also requested a Spot Sui ETF with staking.

21Shares also announced on Thursday that it was discussed with the Layer 1 network that aims to extend its global range in view of the growing interest on the SUI ecosystem.

SUI ETPS in Europe

Exchange-Traded Products (ETPS) based on Sui have become significantly more important in Europe, with offers such as the 21shares SUI Staking ETP and the Vaneck SUI ETP, which are already available for investors.

The application in the USA is about a year after 21 shares started the 21 -shares Sui Staking ETP in Europe in July 2024.

According to the latest data from Coinshares, these SUI-bound investment vehicles had a total assets of $ 400 million under administration as of April 25th.

The interest of investors in the Sui ecosystem seems to be gaining.

In the previous course, SUI-based ETPs have attracted $ 72 million net inflows, including a remarkable inflow of $ 20.7 million in the past week.

SUI currently has a market capitalization of $ 12.3 billion and thus ranks as the 11th largest cryptocurrency worldwide.

ETF races is expanded

The SUI ETF proposal contributes to a wave of more than 70 crypto ETF applications that are currently being checked by the SEC.

asset managers such as Bitwise, Grayscale, Franklin Templeton and Rex Shares have submitted applications for Spot ETFs that are linked to Solana, XRP, Dogecoin, Cardano, Avalanche, Hedera, Litecoin and Polkadot.

21Shares, a asset manager based in Switzerland, is already active in the US market with its spot Bitcoin and Ethereum ETFs, which were started in collaboration with ARK Invest.

It recently expanded its ETF ambitions and submitted applications in connection with XRP, Solana, Dogecoin and Polkadot.

According to the ETF analysts Eric Balchunas and James Seyffart of Bloomberg, the پیشن suggestions for Solana and Litecoin with a 90%approval chance, followed by XRP (85%) and Dogecoin and Hedera (80%).

The increasing flood of applications reflects a more permissive regulatory environment under the Trump administration, with Paul Atkins, a long-time ally in the industry that now leads the Sec.

The authority has dropped several lawsuits and initiated a public dialogue with crypto company, which indicates a change of course to the former chairman Gary Gensler.