21Shares Files for Spot Sui ETF Listing on Nasdaq with SEC
21Shares has taken an important step toward making a spot Sui ETF listed in the U.S. market. On May 23, the crypto asset manager submitted a Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) seeking to list its proposed 21Shares Sui ETF on the Nasdaq exchange. The filing officially begins the review process for the SEC.
The firm had already submitted its S-1 registration on April 30. The S-1 lists the fund, whereas the filing of 19b-4 is seeking to list the ETF on a national securities exchange. According to the filings, Coinbase Custody and BitGo will serve as the custodians for the ETF to hold the Sui tokens in a safe manner.
Canary Capital Also Seeking Sui ETF Listing
This move positions 21Shares head-to-head competition with Canary Capital, yet another financial firm planning to introduce a spot Sui ETF to U.S. investors. Canary registered a Delaware Sui trust on March 7 and then filed its own S-1 registration. On April 8, it filed a 19b-4 filing via the Cboe BZX exchange.
Both submissions are now in individual SEC consideration. The SEC has 240 days to review each filing and has multiple deadlines as well as provisions for delay. This is comparable to the long review periods seen with other spot crypto ETF filings such as Bitcoin and Ethereum.
European Experience Supports 21Shares’ Filing
21Shares is already familiar with Sui-based investment solutions. The company already has the 21Shares Sui Staking ETP (ASUI) available in Europe, which is traded on the Euronext Paris and Amsterdam exchanges. The product yields a 1.52% staking return and has attracted over $168 million in assets under management.
Its established European track record might be the missing piece that will give 21Shares the credibility boost it needs from U.S. regulators, strengthening its application.
SUI Token Under Price Pressure Despite ETF Gossip
In spite of the filing, though, the market response was underwhelming. The SUI token declined nearly 8% on May 23—the date 21Shares filed with the SEC—to an intraday low of $3.40 on May 25. It has since attempted a minor bounce and now trades around $3.70.
Technical indicators show SUI is oscillating around its 20-day exponential moving average, which has become a dynamic resistance point. Price action suggests traders are being cautious, perhaps due to overall market sentiment and persistent regulatory uncertainty in the U.S.
As 21Shares and Canary Capital await rulings from the SEC, the race to introduce the first Sui ETF to the U.S. suggests growing interest from institutions within the Layer 1 blockchain realm.
