Summary
- Swiss asset manager 21Shares has reportedly submitted an application to the U.S. SEC for a Sui (SUI) spot ETF.
- 21Shares has begun the process of launching the ETF, evaluating Sui as one of the most noteworthy blockchains.
- Following this news, the SUI token price rose by 4% to trade at $3.66.
Swiss asset manager 21Shares has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a Sui (SUI) spot exchange-traded fund (ETF).
According to cryptocurrency media outlet CoinDesk on the 1st (local time), 21Shares officially initiated the process to launch a Sui-based ETF by submitting an S-1 registration document to the SEC. SUI is a Layer 1 blockchain developed by former Meta (formerly Facebook) engineers, currently ranked outside the top 10 cryptocurrencies with a market capitalization of $11.8 billion.
Duncan Moir, CEO of 21Shares, stated at the Sui annual event 'Basecamp' that "the initial conviction that Sui will become one of the most noteworthy blockchains in the industry is being proven true."
This ETF application follows a similar SUI ETF filing by Canary Capital six weeks ago.
Meanwhile, with the news of the ETF application, the SUI token price surged 4% to trade at $3.66.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.![[Market] Bitcoin breaks below $68,000 as losses deepen](https://media.bloomingbit.io/PROD/news/3a08fe32-6a33-4a62-bb89-4afb5c5399ca.webp?w=250)
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