According to sources, a crypto-based investment firm in Switzerland called 21Shares has asked U.S. regulators for permission to launch a spot Sui ETF. At the same time, the company has announced its new partnership with the Sui Blockchain Network.
These moves show that large investors have started to trust and support Sui Blockchain, and now it is becoming a strong player in the Cryptocurrency industry. The ETF will be the first U.S.-listed fund; if it gets approval after approval.
It will be able to track the price of SUI directly, which is the main token of the Sui network. Like other digital assets, ETFs, this fund will not be involved in staking, which makes it different from others, which usually aim to earn extra returns.
A Fresh Chapter for Crypto ETFs
The proposed Sui ETF plans to hold its assets on Coinbase, which means Coinbase will manage its assets. Instead of Cryptocurrency, all share creations and redemptions will be in cash.
Though this method is cautious, the analyst thinks that it is an easier way to meet regulations and get faster approval.
Recently, 21 shares have been trying to expand their presence in the U.S. They have applied for ETFs that are related to XRP, Solana, polkadot, and Dogecoin. The Sui ETF is one of the new additions and is unique among them because it has advanced technology.
Strategic Alignment With Sui Network
Along with ETF filing, 21 shares have made announcements about their long-term partnership with Sui. This partnership will focus on co-developing Blockchain products, publishing research, and expanding Sui globally.
President of 21shares, Duncan Moir, has explained that the partnership is based on strong confidence in Sui’s infrastructure and the increasing demand from the investors.
In a press release, Moir said that they believed Sui might be one of the most promising Blockchains. He also said that their plans with Sui Network are smart, and they are focusing on long-term goals.
Sui was created by Mysten Labs, which is a company started by former Meta engineers who have become well-known for handling many transactions at the same time. This makes Sui fast and efficient, particularly for things like gaming, DeFi, and NFTs.
SUI Market Reaction to 21Shares ETF Filing
| Timeframe | Price (USD) | Source |
| Pre-Announcement (Apr 30) | Below $3.5994 | Investing.com India |
| Announcement Day (May 1) | Intraday high of $3.7584 | Yahoo Finance |
| Post-Announcement (May 2) | Below $3.46 | CoinMarketCap |
The Bigger Picture
As more spot products like Sui ETF are developed, people are closely watching to see if the SEC’s position changes, particularly because of the upcoming elections and the possibility of a government that might be more supportive of crypto.
Though it is still unclear how fast the SEC will give its approval for the Sui ETF, the analyst thinks that it is a careful setup, and mainly, the decision to leave the staking out could give it an advantage.
Conclusion
Along with ETF filing, 21 shares have made announcements about their long-term partnership with Sui. It is a major step for both companies. It shows that SUI’s technology is strong and its ecosystem is growing. As more big investors are showing interest and the community is getting excited, the Sui ETF might be an important moment for Sui and the larger crypto investment space.
FAQs
1. What did 21shares recently announce?
21Shares announced on Thursday that it has filed with the SEC to launch a spot Sui ETF and enter a strategic partnership with the Sui Blockchain.
2. What happened to Sui’s price after the announcement?
According to Coindesk, SUI rose 10.9% to $3.68 on May 1 after the ETF filing went public.
3. What is the current SUI market price?
On CoinMarketCap, the price of SUI is around $3.45
4. What action did the SEC take for the recent million that was made by 21 shares?
The spot Sui ETF is still under review. It will only launch if it receives approval from the U.S. SEC.
Glossary
Spot ETF – An ETF that directly tracks the real-time market price of a crypto asset.
Sui Blockchain – A next-generation blockchain network known for its speed and advanced technology.
SUI – The native governance crypto token of the Sui Blockchain.
Custodian – A company like Coinbase that securely holds and manages financial assets.
Coinbase – A major U.S.-based cryptocurrency exchange
Sources
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
For advertising inquiries, please email . [email protected] or Telegram
