Nasdaq has filed with the U.S. for a Bitcoin exchange-traded fund (ETF), a first-of-its-kind move for crypto investment products. The SEC has given permission for the listing of an ETF that is linked to SUI, a native token of the Sui blockchain. The filing initiates the SEC’s review proceedings and may lead to the United States’ first SUI-based ETF.
The application, known as a 19b-4 form, was filed on May 23 and closely follows an S-1 registration filing from 21Shares, a crypto asset management firm. The submission of a 19b-4 serves as an important official indication for the SEC to evaluate. The agency is now allotted up to 240 days to come to a decision with a hard deadline of January 18, 2026.
The SUI ETF will offer investors the choice to participate in the Sui ecosystem without buying or managing the digital tokens. As per 21Shares, custodians BitGo and Coinbase Custody will back the ETF, although no information on the trading fee and fund ticker is out yet.
The Sui blockchain is built for scalability and speed, making it a promising contender in the decentralized finance (DeFi) and smart contract spaces. SUI, a token in its ecosystem, enables users to pay for network-related transactions, stake to earn rewards, and participate in governance.
As Bitcoin and Ethereum ETFs dominate the news, more and more firms are now targeting altcoins like SUI. Aside from BlackRock, Canary Capital is a firm that has also filed both the 19b-4 and S-1 for a spot Sui ETF. This broader interest suggests a diversification trend in the digital asset ETF space.
In Europe, 21Shares already has a Sui-based exchange-traded product that is listed on Euronext Paris and Amsterdam. According to CoinShares, these worldwide listings have generated a combined $317.2 million in assets under management in SUI.
A recent filing of Sui Blockchain was made after a security breach at the Cetus protocol, a Sui Network protocol. Yet, Sui clarified that the breach was limited to a 3rd-codes level, and the Sui Blockchain remained unaffected. The developers acted immediately to freeze assets and roll out new security measures to ensure trust.
As demand for regulated crypto products continues to grow by institutions, Nasdaq being involved could further provide confidence in SUI as a long-term investment. The SEC will have the ultimate say. Analysts believe that there may be delays similar to other crypto ETFs due to the regulatory trend.
A 21Shares SUI ETF would be great for expanding access to next-gen blockchain assets for the U.S. However, Sui too would come into the limelight in front of other tokens.
