Nasdaq Files for Sui ETF Listing with SEC

Nasdaq has submitted a Form 19b-4 to the U.S. Securities and Exchange Commission (SEC) to support the listing of a spot Sui exchange-traded fund (ETF) in collaboration with 21Shares. This filing initiates the SEC's review process, which is a crucial step towards potentially allowing institutional investors to gain regulated exposure to the Sui token. The Sui ETF aims to track the performance of the Sui (SUI) token, which powers the Sui network and serves multiple purposes, including staking for rewards, paying gas fees, functioning as a liquid asset for applications, and acting as a governance token.

The regulatory process involves two key filings: the 19b-4 form submitted by Nasdaq and the S-1 registration statement filed by 21Shares on April 30. Both filings are necessary for the Sui tracking fund to go live. The SEC has 45 days to decide whether to accept, reject, or delay the application, with the possibility of multiple delays extending the review period up to 240 days. The final decision on 21Shares' application must be made by January 18, 2026, at the latest.

21Shares has proposed BitGo and Coinbase Custody as the custodians to hold SUI on behalf of the trust. However, the filing did not include details on the management fee or the ticker symbol for the ETF. Canary Capital is the only other asset manager that has submitted similar filings to list a spot Sui ETF, having filed the forms on April 8. The Sui ecosystem is primarily focused on decentralized applications and has been recognized as a potential competitor to Solana. Despite being the 13th-largest cryptocurrency, SUI's market cap is significantly smaller than that of Solana.

21Shares already lists a Sui exchange-traded product in Europe, available on the Euronext Paris and Euronext Amsterdam stock exchanges. These listings have contributed to SUI-based exchange-traded products having substantial assets under management. The flows into SUI ETPs have been increasing, indicating growing investor interest in the Sui token. The potential approval of the Sui ETF by the SEC could provide institutional investors with a regulated and secure way to gain exposure to the Sui token, potentially driving further price appreciation and market adoption. However, the approval process may take time, and investors are advised to conduct thorough research before making any investment decisions.