- Nasdaq submitted Form 19b-4 with the SEC as a key regulatory step to list 21Shares Sui ETF.
- It trades for $3.66 with a $12.3B market cap; SUI ETPs have $317.2M
- After a Cetus hack amounting to $223M, Sui initiated a $6M reward and $10M fund for recovery.
Nasdaq has officially filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the 21Shares Sui ETF. This move represents a significant milestone in 21Shares’ as it seeks to bring SUI into the U.S. regulated exchange-traded fund ecosystem.
The SEC’s receipt of Form 19b-4 initiates a comprehensive review process. The filing grants the Commission authority to approve or reject the proposal. While regulatory scrutiny is expected, the submission reflects growing momentum behind alternative Layer 1 blockchain assets seeking traditional investment exposure.
Nasdaq Files 19b-4 Amid Cetus $223M Hack
Nasdaq’s latest listing filing for a Sui ETF comes not long after a major $223 million exploit of the Cetus protocol within the Sui network. Investigators discovered the flaw was in Cetus’ maths library, not the Sui network. To date, $160 million of the stolen assets have been frozen.
The Sui community responded to the exploit by instituting a $6 million reward program to reclaim outstanding assets. In addition, the Sui Foundation announced a $10 million security fund to help shore up the ecosystem and restore trust with developers, users, and institutional investors.
Canary Capital and 21Shares are currently the only firms to have filed for a Sui ETF, reflecting early-stage competition in this emerging market. CBOE previously submitted Form 19b-4 for Canary’s ETF, signaling growing exchange interest in onboarding alternative blockchain assets.
SUI ETPs Manage $317.2 Million Assets
It currently trades at $3.66 with a $12.3 billion market capitalization. Though lagging behind Solana’s $92 billion, Sui is picking up steam from institutions. European-listed SUI ETPs are managing $317.2 million in assets, seeing $2.9 million of flows over the period from May 16 to May 24 alone.
The 21Shares’ European-listed Sui ETPs listed on the Paris and Amsterdam exchanges have aided in developing demand and a track record. The products place the company as a strong contender to roll out a Sui ETF in the U.S., further enhancing investor access to the token through regulated financial products.
The Nasdaq filing reflects increasing regulatory receptivity towards altcoin ETFs following a more pro-crypto political atmosphere in the U.S. The SEC’s approval may pave the way for other upcoming crypto tokens to find their way into mainstream investment portfolios through the public equity markets.
Read More: Will SUI Explode in 2025? Mixed Signals Point to Crucial Support at $3.40
