Nasdaq takes action! $SUI may become the first non-veteran crypto ETF approved!
The latest news shows that Nasdaq has just submitted an important application to the US Securities and Exchange Commission, preparing to launch an ETF fund that tracks the price of SUI. This product, operated by 21Shares, plans to directly hold spot SUI and entrust custody to industry veterans such as Coinbase and BitGo.
Simply put, the 19b-4 document is like the "store opening application" submitted by the exchange to the SEC. Want to list a new ETF? You must first prove that the product is transparent and liquid enough and will not cheat investors. Only after the SEC nods can the fund be officially listed for trading.
What's interesting in the market now is that SUI, a new public chain that was launched on the mainnet only last year, has reached the ETF application stage earlier than many veteran projects. You must know that even the 19b-4 document of Litecoin ETF is still waiting in line for SEC confirmation. However, from historical experience, such applications take an average of more than half a year from submission to approval, and the SEC will repeatedly request additional materials during this period.
The most interesting thing is the custody solution - the double insurance configuration of Coinbase plus BitGo, which is obviously aimed at the trust of institutional investors. After all, now that big funds are entering the market, the most important thing is whether the asset custody is reliable. If this application is successful, it means that traditional brokerage accounts can also buy SUI directly, which is definitely a big plus for SUI.
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