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Nasdaq has filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) to list a spot Sui (SUI) exchange-traded fund (ETF) on behalf of crypto asset manager 21Shares. The filing, dated May 23, initiates the SEC’s formal review process and marks a significant step toward potentially bringing Sui-based ETFs to U.S. investors.
SEC Review Underway: Clock Ticking Toward January 2026 Deadline
This latest move follows 21Shares’ earlier S-1 registration statement filed on April 30, which is also required for the ETF to launch. Now that the 19b-4 filing is in, the SEC has 45 days to respond, though it can delay its decision multiple times—up to a maximum review period of 240 days. This sets the final decision deadline at January 18, 2026.
The proposed ETF would track the performance of Sui (SUI), the native token of the Sui blockchain. 21Shares has proposed Coinbase Custody and BitGo as custodians for the fund, although specific details like management fees and ticker symbols remain undisclosed.
Sui’s Growing Ecosystem and Rising Market Presence
Sui, currently the 13th-largest cryptocurrency with a market cap of $12.3 billion, powers a network focused heavily on decentralized applications (dApps). Promoted as a potential “Solana killer,” Sui allows its token to be used for staking, gas fees, governance, and as a liquid asset across its ecosystem.
Although SUI’s market cap is still far behind Solana’s $92 billion, its growing utility and institutional interest signal strong momentum. Canary Capital is the only other firm to file both required documents for a spot SUI ETF, having submitted its paperwork in early April.
Also Read: Nasdaq Files for 21Shares Dogecoin ETF: SEC Approval Process Begins
21Shares Expands U.S. Presence After European Success
Already a leader in crypto ETPs, 21Shares lists a Sui product on Euronext Paris and Amsterdam, contributing to $317.2 million in SUI-based assets under management, according to CoinShares. Between May 16 and 24, net flows into these products grew by $2.9 million—placing SUI behind only Bitcoin, Ethereum, Solana, and XRP in ETF-related inflows.
If approved, the 21Shares SUI ETF would mark a significant step in broadening U.S. investor access to emerging blockchain assets and expand the competitive landscape for crypto-based investment vehicles.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
