Fast Facts
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Nasdaq Filing: Nasdaq seeks SEC approval to list the 21Shares SUI ETF, marking a significant step in the regulatory review process for Sui’s integration into the U.S. market.
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Institutional Interest: The ETF reflects rising institutional interest in the Sui ecosystem, a high-performance Layer 1 blockchain, with $300 million allocated to SUI-based investment products globally.
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Sui Ecosystem Growth: Sui’s DeFi ecosystem thrived in Q1, achieving an average daily DEX volume of $304.3 million, despite the SUI token facing a market cap decline of 40.3%.
- Market Resilience: Despite recent volatility, the SUI token has shown signs of recovery, climbing back to approximately $3.50 after hitting lows below $3.00.
Nasdaq Files to List 21Shares SUI ETF, Kicking Off SEC Review
Nasdaq has filed to list the 21Shares SUI ETF with the U.S. Securities and Exchange Commission (SEC). This move marks the beginning of a regulatory review process. The decision follows 21Shares’ earlier S-1 registration statement filed in April.
This proposed ETF indicates growing institutional interest in the Sui ecosystem. Sui is a Layer 1 blockchain known for its speed and user-friendly design. 21Shares already offers a Sui exchange-traded product (ETP) in Europe. Following its listings on Euronext Paris and Amsterdam, these products have attracted significant investment.
Notably, the Sui Foundation reports over $300 million is now committed to SUI-based investment products around the world. A successful launch of the ETF in the U.S. could enhance access to the Sui network and its token. In addition to 21Shares, several other firms have embraced Sui, such as Canary Capital, Franklin Templeton, and Grayscale, since late 2024.
Kevin Boon, President of Mysten Labs, reflected on this progress. He highlighted that the Sui ecosystem has become a key destination for developers and investors. Boon noted, “21Shares has built its legacy on identifying trends early… We are proud to help 21Shares build towards a world where every investor can access SUI.”
Sui performed well in the DeFi sector during Q1. The average daily DEX trading volume reached $304.3 million, a 14.6% increase compared to the previous quarter. Trading platforms like Cetus and Bluefin led the activity, contributing to a diverse liquidity landscape.
However, the SUI token did not fare as well, experiencing a 40.3% drop in market cap, now sitting at $7.2 billion. This decline contrasted sharply with the broader market’s 18.2% drop. The token briefly rallied to around $3.96 in May but faced volatility, falling below $3.00 in June. Encouragingly, it has since rebounded, trading around $3.50 by June 11.
As the SEC reviews the filing, many in the industry view this as a momentous step. With increasing interest in blockchain technology, the SUI ETF could facilitate greater investment and innovation in this growing sector.
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