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21Shares Files For Sui ETF In US Following European Success

Coin WorldThursday, May 1, 2025 9:53 am ET

1min read

21Shares, a prominent European cryptocurrency investment firm, has taken a significant step in its expansion into the US market by filing for a spot sui exchange-traded fund (ETF). On April 30, the company submitted a Form S-1 registration for the 21Shares Sui ETF to the US Securities and Exchange Commission (SEC). This move follows the successful launch of the 21Shares Sui Staking exchange-traded product in Europe, which began trading in July 2024 on Euronext Paris and Euronext Amsterdam.

The proposed ETF, named the 21Shares Sui ETF, aims to issue common shares of beneficial interest by tracking the performance of SUI held by 21Shares’ US subsidiary. The filing does not specify the exchange where the ETF will debut or provide a ticker symbol. It also notes the uncertainty of liquidity and market price alignment with the net asset value (NAV) at any given time.

The 128-page filing emphasizes that the ETF will provide direct exposure to SUI by holding the tokens, without using leverage, derivatives, or engaging in speculative trading. This approach aligns with the firm's strategy of offering straightforward investment products that track the performance of underlying assets.

21Shares is not the first company to file for a Sui ETF in the US. Canary Capital, a US-based crypto investment firm, filed a Form S-1 registration for a spot Sui ETF on March 17. Subsequently, Cboe bzx Exchange requested clearance from US regulators to list Canary’s Sui ETF in early April. This indicates a growing interest in Sui-based investment products within the regulatory framework.

Sui-based exchange-traded products (ETPs) have already been trading in Europe, with notable products including the 21Shares Sui Staking ETP and the VanEck Sui ETP. The latest ETF filing by 21Shares adds to the list of crypto ETFs awaiting the SEC’s decision, highlighting the increasing demand for regulated cryptocurrency investment vehicles.

According to the latest update, Sui-based ETPs had $400 million in assets under management as of April 25. Year-to-date, Sui ETPs have seen $72 million of inflows, with a fresh $20.7 million coming in just the previous week. This influx of capital underscores the growing investor interest in Sui and related investment products.

The filing by 21Shares is part of a broader trend of crypto ETF applications awaiting SEC approval. As of May 1, there were at least 72 new crypto ETF filings on the SEC’s table, indicating a significant backlog of applications. This regulatory scrutiny reflects the SEC’s cautious approach to approving new cryptocurrency investment products, ensuring compliance with existing financial regulations.

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