Nasdaq has submitted a 19b-4 submitting to the US Securities and Alternate Fee (SEC) in search of approval to listing the 21Shares SUI ETF.
The submitting, which is now revealed within the SEC’s public register, initiates the formal starting of the regulatory assessment course of and follows 21Shares’ S-1 registration assertion, which was filed in April.
Bringing SUI ETF to US Market
The proposed fund indicators rising institutional curiosity within the Sui ecosystem, a Layer 1 blockchain recognized for its excessive throughput and developer-friendly structure. 21Shares already affords a Sui exchange-traded product (ETP) in Europe, following listings on Euronext Paris and Amsterdam, and the merchandise have seen a surge in inflows in current months.
Actually, Sui Basis revealed that greater than $300 million is allotted to SUI-based funding merchandise globally. As such, a profitable US launch is anticipated to offer broader entry to the community and its token. Curiosity in Sui has prolonged past 21Shares, with companies together with Canary Capital, Franklin Templeton, VanEck, Grayscale, and Ant Monetary rolling out numerous initiatives tied to the community since late 2024.
In an official assertion, Kevin Boon, President of Mysten Labs, mentioned,
“The Sui ecosystem has turn into a main vacation spot for severe builders and establishments, and 21Shares has constructed its legacy on figuring out these traits early. Trying again at our mainnet solely two years in the past, the milestone of a NASDAQ submitting is a robust second. We’re proud to assist 21Shares construct in direction of a world the place each investor can entry SUI.”
Sui Q1 Efficiency
Sui’s DeFi ecosystem gained important momentum in Q1, as the common every day DEX quantity reached a file $304.3 million, up 14.6% quarter-over-quarter. Cetus and Bluefin dominated buying and selling, whereas Kriya, DeepBook, and Turbos contributed to liquidity diversification.
Regardless of this development, the SUI token struggled in the course of the interval, with its circulating market cap plunging 40.3% to $7.2 billion, double the broader market’s 18.2% decline.
The altcoin noticed a short respite in mid-Could and was buying and selling close to the $3.96 mark however declined shortly thereafter because it skilled elevated volatility and bottomed out under $3.00 in early June, together with the broader market drawdown. Nevertheless, it has since rebounded, climbing again to roughly $3.50 by June 11.
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