21Shares Files for Sui ETF in the US Amid Partnership with Sui Blockchain

21Shares has submitted an S-1 registration statement to the Securities and Exchange Commission (SEC) to launch a spot Sui exchange-traded fund (ETF) in the United States. Concurrently, the company announced a “strategic partnership” with the Sui Layer 1 network.

The proposed ETF aims to provide direct exposure to the price of SUI, the native cryptocurrency of the Sui network. According to the filing, Coinbase will serve as the custodian of SUI holdings.

Notably, this fund diverges from some recently proposed crypto ETFs in that it does not intend to stake any portion of its holdings to generate yield through network participation.

21Shares Files for Sui ETF

21Shares is collaborating with Canary Capital to launch a spot Sui ETF in the U.S. Canary Capital’s CEO, Steven McClurg, previously stated that the Sui network’s speed and efficiency make it a good fit for future projects.

The European company, which is paying more attention to the U.S. market, has also applied for spot crypto ETFs for XRP, Solana, Dogecoin, and Polkadot in the last few weeks. 21Shares already has spot Bitcoin (with Ark Invest) and Ethereum ETFs in the U.S.

Sui is a blockchain designed to enable quick and inexpensive transactions. Mysten Labs, started by former Meta workers, first created Sui. Sui uses the Move coding language and allows multiple transactions to coincide, making it suitable for games, NFTs, and DeFi.

According to CoinGecko, SUI is the 13th-largest cryptocurrency, with a market capitalization of $12.2 billion. After the news, SUI rose 8.8% to around $3.70. 

Partnership with Sui Blockchain Network

In addition to the ETF filing, 21Shares announced a “strategic partnership” with the Layer 1 network on Thursday. The collaboration is designed to expand the global reach as interest in the ecosystem continues to grow.

“Since our earliest research into Sui, we believed it could become one of the most exciting blockchains in the industry, and we’re seeing that thesis play out. We operate based on conviction but investor demand, and our planned roadmap with Sui reflects both, ” Duncan Moir, President of 21Shares, states.

The partnership will involve collaborating on products, research, and other projects. This shows that big organizations are increasingly interested in the Sui system. 

The SUI price has shown notable performance following the ETF filing announcement, increasing by 11% over the past 24 hours. This recent surge contributes to its overall positive trajectory, adding to a 56% gain over the past 30 days and an approximate 230% increase over the last year.

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