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Bitwise submits Sui (SUI) spot ETF application

Doohyun Hwang

Summary

Bitwise reportedly submitted a registration statement to the U.S. SEC for the launch of a Sui (SUI) spot ETF.
The ETF is designed to track the spot price of SUI, the native token of the Sui network, and custody will be handled by Coinbase Custody.
It noted that market conditions are seen as positive as the SEC has recently moved to approve crypto asset ETFs and relax listing standards.

Crypto asset manager Bitwise has taken the first step toward launching a Sui (SUI) spot exchange-traded fund (ETF) by filing with the U.S. Securities and Exchange Commission (SEC).

On the 18th (local time), according to Cointelegraph, Bitwise submitted a registration statement (S-1) for the "Bitwise Sui ETF." The product is designed to track the spot price of SUI, the native token of the Sui network. Custody will be handled by Coinbase Custody.

Although the SEC has approved multiple crypto asset ETFs this year, a Sui spot ETF has not yet been launched in the U.S. market. Previously, Canary Capital and 21Shares filed related applications in March and April, respectively, and the review deadline for 21Shares' application is scheduled for next month.

The market environment is positive. Earlier this month, the SEC approved 21Shares' "2x leveraged Sui ETF," and recently passed comprehensive listing standards that lower market entry barriers for crypto asset ETFs.

SUI