- 21Shares files for a spot SUI ETF in the US, aiming to expand its services beyond Europe, where it already offers a SUI staking ETP.
- Competition heats up as Canary Capital also seeks SEC approval for its SUI ETF, with CBOE BZX exchange backing its listing bid.
- SEC faces a growing queue of crypto ETF applications, with over 72 pending approvals, including multiple SUI-related products.
Leading European digital asset investment manager, 21Shares, has submitted a filing with the U.S. Securities and Exchange Commission (SEC) for a spot SUI exchange ETF. The move is another step towards offering its service in the United States market.
The investment firm submitted its Form S-1 filing to the US regulator on April 30. According to the filing, the proposed name for this ETF is 21Shares SUI ETF.
Hence, the ETF’s plan is to issue common shares representing a beneficial interest in the fund. In addition, the fund’s investment strategy involves tracking the performance of the SUI tokens held by 21Shares’ US-based subsidiary.
21Shares’ filing to serve the us market is happening one year after the fund launched its 21Shares SUI staking exchange-traded product (ETP) for the European market. The first two listings for this ETP took place in July 2024 at Euronext Amsterdam and Euronext Paris.
Source: U.S. SEC
Meanwhile, the filing doesn’t include a proposed ticker symbol and didn’t specify the us exchange where it intends to launch first. The firm believes that there’s no guarantee that the trading liquidity available on the exchange will be sufficient.
It also wrote in the filing that there’s no assurance that the market price the shares will be listed will align with the actual net value at any time. The firm added that it intends to hold SUI tokens directly and won’t be involved in speculative trading, or use leverage or derivatives.
Canary Capital and 21Shares Compete for First Approved US SUI ETF
Before 21Shares filed for a SUI ETF for the U.S. market, Canary Capital, another crypto investment company, made a filing for a spot SUI ETF nearly six weeks ago. Following Canary Capital’s filing, the CBOE BZX exchange sought approval from us regulators to enable it list the Canary SUI ETF last month.
Apart from 21Shares SUI staking ETP, VanEck SUI ETP is also available for the European market. The 21Shares SUI ETF filing is the latest ETP at the desk of the SEC in addition to other ones awaiting the regulator’s approval. Bloomberg analyst Eric Balchunas stated via X that as of May 1, 2025, there are at least 72 new crypto ETF applications which the U.S. SEC has yet to approve.
