The Swiss crypto product provider 21Shares has filed an application with the US Securities and Exchange Commission (SEC) to register an exchange-traded fund (ETF) based on the cryptocurrency Sui. The filing follows a strategic partnership.
The wave of crypto ETF applications at the SEC continues unabated. Since the regulatory shift at the agency, more than 70 new products are awaiting review. The first altcoin ETFs could receive the green light within the next four weeks, as CVJ.CH reported. Solana and XRP are among the most promising candidates. With the submission of an ETF based on Sui, the long list of upcoming US funds grows by yet another cryptocurrency. The launch of the "21Shares SUI ETF" is subject to the effectiveness of the S-1 filing and the approval of a Form 19b-4 submission by the SEC, according to the application available here.
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Strategic partnership as a foundation
At the same time, the product provider is entering into a strategic partnership with Sui to expand the global reach of the Layer 1 blockchain. The collaboration is expected to result in product collaborations, research reports, and other initiatives, underscoring the growing institutional interest in the Sui ecosystem. According to a press release, Sui has quickly evolved into a destination for the tokenization of real-world assets, including stablecoins and DeFi, thanks to its impressive speed, throughput, and scalability.
"Since our initial research on Sui, we believed it could become one of the most exciting blockchains in the industry. We are seeing that thesis play out. We act out of conviction, but also due to investor demand, and our planned roadmap with Sui reflects both." – Duncan Moir, President of 21Shares
21Shares is headquartered in Zurich, Switzerland, and has built a robust suite of digital asset services in Europe over the years. The company is now increasingly focusing on the US market. So far, the provider offers a Bitcoin and Ethereum ETF in the United States.
Sui: An alternative layer-1 blockchain
Sui is a Layer 1 blockchain founded by former Meta developers. The network promises high scalability and low-latency transactions. Its object-oriented model, based on the Move programming language, is designed to enable parallel execution, sub-second finality, and diverse on-chain assets. This makes Sui a competitor to current frontrunners Ethereum and Solana. In terms of total value locked (TVL), Sui ranks 9th among blockchain networks.
