#StablecoinPayments #BTCRebound #Trump100Days
The price of Sui shares increased by 9% as 21Shares seeks approval from the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF).
Unlike its European counterpart, the 21Shares Sui ETF will not offer staking rewards in the United States.
21Shares has filed for a Sui ETF in the United States.
21Shares announced a 'strategic partnership' with Sui.
The token price jumped by 9% to $3.69.
Crypto asset manager 21Shares has filed for an ETF that tracks the price of Sui, according to a filing made to the U.S. Securities and Exchange Commission on Wednesday.
The 21Shares Sui ETF aims to broaden investor access to the native token of the layer 1 network designed for high-speed transactions, which some have dubbed the 'Solana killer.'
The filing stated that Coinbase is the custodian of investor funds, according to the registration statement, but did not specify the exchange on which the fund will be traded or its ticker name.
Meanwhile, the Switzerland-based crypto asset manager announced a 'strategic partnership' with Sui, which will involve cooperation on products and research reports, according to a press release.
Duncan Muir, head of 21Shares, said: 'Since our initial research on Sui, we believed it could become one of the most exciting blockchains in this space. We are acting based on our convictions, but also on investor demand, and the roadmap we are planning with Sui reflects both.'
The price of Sui recently rose on Wednesday to $3.73, an increase of 9.3% from the previous day, according to cryptocurrency data provider CoinGecko. The asset price has risen by 80% over the past fourteen days, but is still below its peak of $5.35 in January.
Canary Capital filed for a similar Sui ETF with the U.S. Securities and Exchange Commission in March, which was scheduled to be listed on the Chicago Mercantile Exchange. The exchange later suggested to the SEC a rule change allowing trading of Canary's ETF, completing a key step in the approval process.
Although analysts expect the SEC to approve spot cryptocurrency ETFs, along with Bitcoin and Ethereum, this year, the regulatory body is compelled to give the green light to asset managers. On Tuesday, the SEC postponed its decisions on the ETFs for Dogecoin and Ripple until at least June.
21Shares has filed for ETFs in the U.S. to track the spot prices of Dogecoin, XRP, and Polkadot.
21Shares shares are traded on Euronext Amsterdam and Euronext Paris, and it offers an exchange-traded product that tracks the price of Sui shares in Europe, which was launched last July. This product provides investors with staking rewards, unlike any exchange-traded fund for cryptocurrencies in the United States.
#StablecoinPayments #BinanceAlphaAlert #AirdropSafetyGuide $SUI $SOL $BNB
