Major European cryptocurrency investment firm 21Shares has filed for a spot Sui exchange-traded fund (ETF) in the United States, marking another step in its expansion into the U.S. market. On April 30, 21Shares submitted the Form S-1 registration for a spot Sui (SUI) ETF to the U.S. Securities and Exchange Commission (SEC).
The proposed ETF, named the 21Shares Sui ETF, aims to issue common shares of beneficial interest by seeking to track the performance of SUI held by 21Shares’ U.S. subsidiary. This filing comes a year after 21Shares started trading the 21Shares Sui Staking exchange-traded product in Europe, with its first listings on Euronext Paris and Euronext Amsterdam.
No Ticker or Planned Exchange Yet
The 128-page filing does not specify on which U.S. exchange the new SUI ETF is expected to debut trading, nor does it currently have a ticker symbol. The document emphasizes that there is no certainty that there will be liquidity available on the exchange or that the market price will align with the net asset value (NAV) at any given time.
The filing also highlights that the ETF aims to provide exposure to SUI by holding the tokens directly, without utilizing leverage or engaging in speculative trading.
Canary Capital: The First to File for a Sui ETF
21Shares is not alone in its quest for a Sui ETF in the U.S.; Canary Capital, a U.S.-based crypto investment firm, filed a Form S-1 registration for a spot Sui ETF on March 17. Subsequently, Cboe BZX Exchange sought clearance from U.S. regulators to list Canary’s Sui ETF in early April. Sui-based ETPs have already been trading in Europe, with products such as the 21Shares Sui staking ETP and VanEck Sui ETP.
As of April 25, 2025, Sui-based ETPs reported $400 million in assets under management. Year-to-date, Sui ETPs have seen $72 million of inflows, with a notable $20.7 million coming in just last week.
The latest ETF filing by 21Shares adds to an extensive list of crypto ETFs awaiting the SEC’s decision. According to ETF analysts Eric Balchunas and James Seyffart of Bloomberg, at least 72 new crypto ETF filings were under review by the SEC as of May 1.
While the U.S. crypto market awaits these decisions, the developments in Sui ETFs reflect the growing interest and demand for cryptocurrency investment products in traditional markets. Investors will be keen to monitor how this new filing progresses and any potential implications for the broader crypto landscape.
