$SUI Price Eyes Breakout As 21Shares Files For $SUI ETF
The SUI price is showing signs of a breakout as cryptocurrency ETP provider 21Shares made a major announcement regarding a SUI ETF.
The company’s latest filing with the Securities and Exchange Commission (SEC) for an SUI exchange-traded fund in the United States has pushed the coin’s price high today.
According to the company’s announcement, this filing is “a first step in expanding exchange-traded access to SUI.” The news comes alongside a newly formed partnership between 21Shares and the Sui blockchain network.
Institutional interest is driving the expansion of the Layer-1 protocol’s global reach.
21Shares has formed a partnership with the Sui blockchain network while simultaneously filing for a SUI ETF with the SEC.
The Switzerland-based company, headquartered in Zurich, is expanding its focus to the U.S. market after building an extensive suite of digital asset services across Europe.
“Since our earliest research into Sui, we believed it could become one of the most exciting blockchains in the industry, and we’re seeing that thesis play out,” said Duncan Moir, President of 21Shares.
The company stated that its decision to pursue Sui products is based on both conviction in the technology and growing investor demand.
The partnership will include product collaborations, research reports, and other initiatives designed to increase accessibility to the Sui ecosystem.
Kevin Boon, President at Mysten Labs, the original contributor to Sui, stated that “Sui was designed to become the global coordination layer for digital assets.”
