Nasdaq has filed to list a SUI ETF which will track the token’s price using a benchmark index.
21Shares will sponsor the SUI ETF while Coinbase will hold the tokens under a secure custody setup.
The SEC must review the proposal and may take up to 240 days to approve or reject the SUI ETF.
Nasdaq has filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) to list a new exchange-traded fund. The proposed listing is for 21Shares’ SUI ETF, designed to track the price movements of the SUI token. The filing marks a new effort to provide direct SUI exposure to traditional investors.
https://twitter.com/AustinZaback/status/1927540403756011631 Management Endorses the Move
According to the document, Nasdaq’s senior management approved the rule change. This support indicates a clear internal strategy to expand its digital asset offerings. The application follows an earlier S-1 submission by 21Shares on April 30.
The ETF's value will reflect a benchmark index that mirrors SUI’s real-time market behavior. This structure offers investors a simplified entry point into the SUI market.
Trust Structure and Key Roles
21Shares US LLC will sponsor the trust, which is a Delaware statutory trust. CSC Delaware Trust Company will act as the trustee. The trust will operate under a formal agreement subject to future amendments.
A third-party administrator will oversee daily operations. The administrator will be selected by either the sponsor or the trustee. The trust will not engage in any revenue-generating activity beyond tracking SUI’s price movements.
Custody and Trading Framework
Coinbase will custody the SUI tokens held within the ETF. This aligns with industry practices for digital asset ETFs. The structure ensures secure storage of tokens while enabling real-time market tracking.
Unlike some other crypto funds, this trust will not allow speculative trading by the sponsor. Instead, it aims to provide transparent and regulated SUI access to the public.
Regulatory Path Ahead
The SEC must now acknowledge Nasdaq’s 19b-4 application. This acknowledgment typically signals the start of the regulatory timeline. Following this, the SEC will invite public feedback on the proposal.
This public comment period often lasts several weeks. After collecting responses, the SEC will publish the proposal in the Federal Register. Once listed, the agency has a fixed timeline to approve or reject it.
Historically, the SEC has taken up to 240 days to reach a final decision after publication. This applies unless it issues a response sooner.
Limited Interest in SUI ETFs
Only two firms, 21Shares and Canary Capital, have submitted SUI ETF applications to date. CBOE filed a 19b-4 form in April for Canary’s version. Nasdaq followed shortly after with its filing for 21Shares.
Unlike other digital assets like XRP or Solana, SUI has seen limited ETF interest. Analysts expect a long wait and many predict decisions will come no earlier than the fourth quarter of 2025.
