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New player targets the American market
Swiss investment firm 21Shares has made a surprising move by filing for a Sui ETF in the United States. This marks a significant milestone in the world of crypto investments, especially as institutional demand for digital assets continues to grow. The filing comes at a time when more than 70 crypto ETF proposals are under review by the U.S. Securities and Exchange Commission (SEC).
The new ETF will be named the 21Shares Sui ETF and is designed to track the performance of the SUI token, which will be held by 21Shares’ U.S. subsidiary. The S-1 registration form was submitted to the SEC on April 30. This move follows exactly one year after the launch of a similar staking product in Europe.
In July 2024, 21Shares began trading the Sui Staking ETP on Euronext exchanges in Paris and Amsterdam. The expansion into the U.S. shows that the company is now targeting American investors. It’s a bold but strategic move in a rapidly growing sector.
No ticker yet, but big ambitions
Notably, the 128-page filing does not specify which U.S. exchange the Sui ETF will list on. There is also no ticker symbol announced yet. This adds an element of mystery to the launch but also builds excitement around its first potential listing.
21Shares emphasizes that the fund will offer direct exposure to the SUI token, without using leverage or complex derivatives. There’s no speculative trading involved; the ETF will simply buy and hold the digital asset. This approach offers transparency and simplicity for both retail and institutional investors.
Still, the company warns that the market price may deviate from the fund’s net asset value (NAV). While this is a standard disclaimer, it’s important for investors unfamiliar with crypto to understand. It highlights the volatile nature of this emerging asset class.
Competition and European head start
21Shares isn’t the only firm with its eyes on a U.S. Sui ETF. On March 17, U.S.-based crypto investment firm Canary Capital submitted a similar S-1 filing to the SEC. In early April, the Cboe BZX Exchange requested approval to list Canary’s Sui ETF.
Meanwhile, SUI-based ETPs are already trading in Europe. In addition to 21Shares, VanEck also offers a Sui ETP. Europe clearly serves as a testing ground for these innovative investment products.
According to Bloomberg analysts Eric Balchunas and James Seyffart, at least 72 crypto ETF applications are currently awaiting SEC review. A wave of approvals may be on the horizon. The race for the first approved Sui ETF has officially begun.
Sui ETF as a bridge between crypto and traditional investors
21Shares’ application could be a breakthrough moment for crypto adoption among mainstream investors. By offering a simple, tradable product, the company lowers the barrier to entry into digital assets. If the SEC gives the green light, this could mark the start of a new era in U.S.-based crypto investing.
