21Shares files for US spot Sui ETF after European launch

Main European cryptocurrency funding agency 21Shares has filed for a spot Sui exchange-traded fund (ETF) in the US, marking one other step in its growth to the US market.

21Shares on April 30 submitted the Type S-1 registration for a spot Sui (SUI) ETF to the US Securities and Alternate Fee (SEC).

Known as the 21Shares Sui ETF, the proposed ETF will concern frequent shares of helpful curiosity by looking for to trace the efficiency of SUI held by 21Shares’ US subsidiary.

The US submitting comes a 12 months after 21Shares began buying and selling the 21Shares Sui Staking exchange-traded product in Europe in July 2024, with its first listings on Euronext Paris and Euronext Amsterdam.

No ticker or deliberate alternate but

The 128-page submitting doesn’t specify on which US alternate the brand new SUI ETF is predicted to debut buying and selling. The ETF additionally doesn’t have a ticker image but.

“There is no such thing as a certainty that there might be liquidity obtainable on the alternate or that the market value might be according to the NAV [net asset value] or the principal market NAV at any given time,” it states.

The submitting highlighted that the ETF goals to supply publicity to SUI by holding the tokens instantly, with out using leverage, derivatives or partaking in speculative buying and selling.

Canary Capital was the primary to file for Sui ETF

21Shares just isn’t the primary firm to file for a Sui ETF within the US. Canary Capital, a US-based crypto funding agency, filed a Type S-1 registration for a spot Sui ETF on March 17.

Subsequently, Cboe BZX Alternate requested US regulators for clearance to listing Canary’s Sui ETF in early April.

Sui-based ETPs have already been buying and selling in Europe, with a few of such merchandise together with 21Shares Sui staking ETP and VanEck Sui ETP.

Associated: Greater than 70 US crypto ETFs await SEC determination this 12 months — Bloomberg

In line with the newest CoinShares replace, Sui-based ETPs had $400 million in property beneath administration as of April 25.

Yr-to-date, Sui ETPs have seen $72 million of inflows, with a contemporary $20.7 million coming in simply final week.

The most recent ETF submitting by 21Shares is one more product becoming a member of a large listing of crypto ETFs awaiting the SEC’s determination.

In line with Bloomberg ETF analysts Eric Balchunas and James Seyffart, there have been not less than 72 new crypto ETF filings on the SEC’s desk as of Could 1.

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