American multinational company Nasdaq has officially filed for a new exchange-traded fund (ETF) associated with the Sui blockchain’s native token. According to a recent United States Securities and Exchange Commission SEC filing, Nasdaq submitted a 19b-4 application for the 21Shares SUI ETF.
Nasdaq Submits Application For SUI ETF
With Bitcoin and Ethereum already having ETFs, Sui would be a new entrant in the crypto ETF market. Nasdaq’s Senior Associate General Counsel Sun Kim formally submitted the 19b-4 filing, a crucial step toward SEC approval for the ETF to trade publicly.
Approval of the ETF would enable investors to tap into Sui’s potential without directly holding the tokens, potentially boosting interest and demand for Sui, a blockchain renowned for its speed and smart contract capabilities. The Sui Network primarily uses a delegated proof-of-stake consensus mechanism to incentivize SUI holders to validate transactions.
The SUI ETF plan is among a growing wave of altcoin ETF applications. Moreover, asset managers have also submitted applications to establish ETFs tied to other notable cryptocurrencies such as LTC, SOL, DOGE, and XRP.
21Shares Advances Sui ETF Listing Proposal
21Shares, a Swiss-based crypto asset manager headquartered in Zurich, Switzerland, is moving forward with its Sui ETF by collaborating with Nasdaq on the regulatory process, following its previous submission to the SEC.
SEC approval would be a significant achievement for 21Shares, expanding its range of crypto ETFs. Despite the progress, the approval timeline remains uncertain due to recent delays in reviewing crypto ETFs.
Impact On SUI
After Nasdaq’s filing, the SUI coin price rose to around $3.7, marking a 6.7% increase over 24 hours, despite remaining 3% down this past week. Investors showed caution amid regulatory uncertainty, but market activity stayed stable following the ETF news.
The filing may attract more institutional interest, potentially boosting Sui’s long-term prospects. Short-term price swings are expected, but Nasdaq’s involvement could lend credibility to the asset.
The Sui ETF development highlights the growing intersection of traditional finance and digital assets. Many altcoin ETFs are poised for SEC approval with a 75% or higher chance of success, according to Eric Balchunas, highlighting expanding interest in altcoins.
