BREAKING: Nasdaq Files for 21Shares Sui ETF, Kicking Off Crucial SEC Review

The world of digital asset management continues to evolve rapidly, and the latest development involves a significant step towards a new investment product. Nasdaq has officially filed for a spot Sui ETF proposed by asset manager 21Shares. This action marks a critical point, formally initiating the SEC review process for the potential fund.

Nasdaq Filing Initiates SEC Review for 21Shares Sui ETF

On May 23, Nasdaq submitted a 19b-4 filing with the Securities and Exchange Commission (SEC). This filing is a formal request to list the 21Shares spot Sui exchange-traded fund on its exchange. This follows 21Shares’ earlier S-1 registration statement submission on April 30, which sought the SEC’s approval for the fund itself. Both filings are necessary steps for a crypto ETF like the proposed Sui product to become available to investors in the United States.

The 19b-4 Nasdaq filing is particularly important as it triggers the SEC’s formal review period. The regulatory body now has an initial 45 days to make a decision – either approving, rejecting, or delaying the application. The SEC can extend this review period multiple times, potentially taking up to a maximum of 240 days from the initial filing date. Based on the timeline, the final deadline for the SEC to decide on 21Shares’ application is January 18, 2026, at the latest.

What the Proposed 21Shares Sui ETF Entails

The documents submitted by 21Shares provide some initial details about the proposed fund. BitGo and Coinbase Custody have been proposed as the custodians responsible for holding the underlying SUI tokens on behalf of the trust. However, the filing did not specify key details such as the management fee or the ticker symbol the ETF would trade under.

It’s worth noting that 21Shares is not the only entity pursuing a spot Sui ETF in the US. Canary Capital also filed both 19b-4 and S-1 forms earlier, on April 8. This suggests growing interest from asset managers in offering exposure to the Sui network.

The filing also outlined the core functions of the SUI token within the Sui network. According to 21Shares, SUI serves multiple purposes:

• It can be staked to earn rewards.
• It is used to pay gas fees for transactions.
• It functions as a liquid asset for various applications on the Sui network.
• It serves as a governance token, allowing holders to participate in network decisions.

Sui’s Position in the Crypto Landscape

The Sui ecosystem has gained attention for its focus on decentralized applications and its technical architecture. It is sometimes compared to other high-throughput blockchains. Currently, SUI ranks as the 13th-largest cryptocurrency by market capitalization. However, its market cap, approximately $12.3 billion, is significantly smaller than that of networks like Solana (SOL), which stands around $92 billion, according to recent data.

21Shares’ Existing Sui Offerings and Market Data

This proposed US Sui ETF is not 21Shares’ first venture into offering SUI exposure. The firm already lists a Sui exchange-traded product (ETP) in Europe, available on the Euronext Paris and Euronext Amsterdam stock exchanges. These existing listings contribute to the overall market for SUI-based investment products.

According to a report from CoinShares on May 26, SUI-based ETPs currently hold $317.2 million in assets under management (AUM) globally. The report also indicated positive investor interest, with flows into SUI ETPs increasing by $2.9 million between May 16 and May 24. In terms of net assets within the ETP market, SUI products trail only those tracking Bitcoin (BTC), Ether (ETH), Solana (SOL), and XRP (XRP).

Conclusion: What’s Next for the Sui ETF?

The Nasdaq filing for the 21Shares Sui ETF is a significant step in potentially bringing a new regulated investment product to the US market. The initiation of the SEC review means the regulatory clock is now ticking. While there is a clear deadline in early 2026, the SEC’s decision timeline remains uncertain, subject to potential delays as they evaluate the proposal. Investors and market observers will closely watch the SEC’s process to see if Sui joins the growing list of cryptocurrencies with dedicated spot ETF products in the United States.