The company 21Shares has filed an application with the U.S. Securities and Exchange Commission (SEC) for the launch of a spot SUI-ETF. Prior to this, the firm Canary Capital announced plans to offer such an exchange-traded fund.
According to the document, the 21Shares Sui ETF aims to provide clients with direct access to the asset. It will invest in it directly, rather than through derivatives.
The ticker, as well as the exchange on which the company plans to launch its product, are not specified. It is known that the custodian will be Coinbase Custody, and the issuance and redemption of shares will be conducted in cash rather than in kind.
Notably, the application does not mention that 21Shares plans to generate income through staking. This could increase the chances of product approval, as the regulatory status of such activities in the U.S. remains in question.
In addition to 21Shares, at least one other company is interested in launching a spot SUI-ETF — Canary Capital. It filed its application shortly after the blockchain team entered into a partnership agreement with the World Liberty Financial platform, directly associated with U.S. President Donald Trump.
"Given the speed and efficiency of the Sui blockchain, we believe it will become a destination for many future projects," said Stephen McClurg, CEO of Canary Capital at the time.
The asset reacted to the news with a surge in value. The price surpassed the $3.7 mark and continues to rise at the time of preparing this material.