Sui Surges 15.317% as ETF Listing Proposal Boosts Market Confidence

Sui's latest price was $2.23, up 15.317% in the last 24 hours. This surge in price comes as the cryptocurrency continues to gain traction in the market, with several significant developments contributing to its growth. One of the most notable events is the submission of Form 19b-4 by the Cboe BZX Exchange to the US Securities and Exchange Commission (SEC) for the listing of an exchange-traded fund (ETF) tied to the Sui blockchain. This proposed rule change aims to list and trade shares of the Canary SUI ETF, which, if approved, would offer regulated exposure to the SUI token. The ETF could potentially stake some of its SUI holdings to generate on-chain rewards, further enhancing its appeal to investors. The Sui team views this development as a strong vote of confidence from traditional finance, validating Sui’s potential as a high-speed asset coordination layer for decentralized and institutional ecosystems. Over the past six months, the Sui ecosystem has attracted heavyweight traditional financial institutions like Franklin Templeton, Grayscale, VanEck, and Ant Financial, which have rolled out various investment tools designed to leverage Sui’s scalable infrastructure.

April has been a significant month for Sui, with the unlocking of $206 million worth of tokens at the start of the month. This event, while representing only 2.5% of the total supply, has the potential to impact the market, especially if there is substantial trading activity around it. The unlocking of tokens is a pre-planned release of previously locked tokens, which often creates market uncertainty by injecting billions in new supply, impacting valuations, and swaying investor sentiment. This event is part of a broader trend in the crypto market, with several major token unlocks scheduled for April across different projects. These unlocks could lead to heightened market activity and require close attention from investors and traders.

In addition to these developments, users of the popular Ledger hardware wallet can now protect their assets with self-custody support for SUI and Sui tokens. This integration brings clear signing and more token access for a superior self-custody experience. Ledger Live support allows users to securely buy, send, and receive SUI and Sui tokens, with swap and staking support coming later this year. This integration is a significant step in making self-custody of SUI and Sui’s flourishing DeFi ecosystem accessible to a wider audience. Ledger secures 20 percent of the total crypto market cap, and with Ledger Live, users can benefit from clear signing, more access to the Sui ecosystem, deeper feature support, and best-in-class self-custody. The Ledger Live integration will roll out in phases, beginning with core functionality and adding additional features over the coming months. Ledger and Sui will partner closely to continually expand functionality, allowing users to seamlessly engage with Sui’s expanding DeFi ecosystem while maintaining control of their assets. This development underscores Sui’s commitment to security, self-custody, and seamless blockchain interactions, exemplified by features like zkLogin and multi-signature wallets. Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the ground up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing user-friendly experiences. Ledger is the world leader in Digital Asset security for consumers and enterprises, offering connected devices and platforms with more than 7M devices sold to consumers in 180 countries and 10+ languages, 100+ financial institutions and commercial brands. Over 20% of the world’s crypto assets are secured by Ledger, making it a crucial resource for securing the world of Digital Assets. With over 14 billion dollars hacked, scammed or mismanaged in 2023 alone, Ledger’s security brings peace of mind and uncompromising self-custody to its community.