Swiss-based crypto asset manager [21Shares](https://www.21shares.com/) has officially filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) to launch a spot exchange-traded fund (ETF) tied to the Sui (SUI) token. This move marks a significant milestone for the [Sui blockchain](https://sui.io), aiming to provide traditional investors with regulated exposure to one of the fastest-growing Layer-1 networks.

## A Strategic Leap into U.S. Markets

The proposed ETF, named the 21Shares Sui ETF, seeks to directly track the price of SUI by referencing the CF Sui-Dollar Reference Rate Index. Unlike some crypto ETFs, it will not engage in staking or leverage, focusing instead on straightforward, cash-based creations and redemptions. Coinbase will serve as the custodian for the fund’s assets, ensuring institutional-grade security and compliance.

This filing follows 21Shares' successful launch of a [Sui staking ETP in Europe in July 2024](https://www.ipaddressguide.org/21shares-files-for-sui-etf-in-the-united-states-a-milestone-for-the-sui-blockchain/), which has contributed to $400 million in assets under management across Sui-based products.


![sui price.png](https://files.peakd.com/file/peakd-hive/unbiasedwriter/23swi5kH17FgqGzmZfsEJ7AfXZHism6GkmFRkrMTWVsYiGbLx2KYDH6cwo4GefBA82bfN.png)


## Market Reaction and Institutional Momentum

The ETF filing has already made waves in the market. [According to CoinDesk](https://www.coindesk.com/business/2025/05/01/21shares-files-for-sui-etf-sui-rises-4), SUI's price surged by approximately 10.9% within 24 hours of the announcement, reaching $3.68 and pushing its market capitalization to $11.8 billion. This sharp rise reflects growing investor confidence in the Sui ecosystem and its potential for mainstream adoption.

Duncan Moir, President of 21Shares, emphasized the company's long-standing interest in Sui, stating at the Sui Basecamp conference: _"Since our earliest research into Sui, we believed it could become one of the most exciting blockchains in the industry, and we’re seeing that thesis play out."_

## Competitive Landscape and Regulatory Outlook

21Shares isn’t alone in targeting a SUI ETF. Canary Capital filed a similar application in March 2025, with the Cboe BZX Exchange seeking SEC approval to list the fund. This move is part of a broader trend, with over 70 crypto ETF applications currently awaiting SEC decisions, underscoring the increasing institutional interest in blockchain-based investment vehicles.

Approval of a SUI ETF would signal not just a win for 21Shares but also a broader regulatory acceptance of newer blockchain networks like Sui.

## Conclusion

The 21Shares SUI ETF filing represents a pivotal moment for the Sui blockchain, potentially opening the door to increased institutional investment and broader market participation. As the SEC weighs its decision, the financial world watches closely, awaiting what could be a defining moment for altcoin-backed ETFs in the U.S. market.