Nasdaq submits SUI spot ETF application

The U.S. cryptocurrency asset market may welcome a brand new investment vehicle. According to the latest disclosure, Nasdaq has officially submitted a listing application for the 21Shares SUI spot ETF to the U.S. Securities and Exchange Commission (SEC). This proposal represents an important step for the Sui ecosystem towards mainstream financial markets. The application was submitted through the 19b-4 document, officially entering the SEC’s review process, complementing the S-1 document submitted in April of this year, demonstrating 21Shares’ strong commitment to pushing this product to market.

The participation of institutions is increasing.

Over $300 million in funds have been deployed in trading products related to SUI in the global market. 21Shares has previously launched Sui-related products on Euronext in Paris and Amsterdam, and this move into the U.S. market is expected to further extend its reach to a broader investment audience. In addition to 21Shares, heavyweight institutions such as Canary Capital, Franklin Templeton, VanEck, Grayscale, and even China’s Ant Group have also been gradually positioning themselves in the Sui blockchain or launching related investment products over the past year. Mysten Labs President Kevin Boon stated that Sui has gradually become a key platform in the eyes of developers and institutional investors, and 21Shares’ actions further confirm that this network is maturing.

SUI’s technical advantages

Compared to other Layer 1 public chains, Sui has a unique architectural design, known for its object-oriented programming model and horizontal scalability, enabling efficient processing of various applications such as DeFi, Web3 games, and real asset tokenization. As of the deadline, the total value locked (TVL) on Sui ranks eighth globally, with the market capitalization of stablecoins exceeding 1.1 billion USD and an annual growth rate of over 190%. In just the month of May 2025, the on-chain stablecoin transfer amount exceeded 110 billion USD, indicating the growing prosperity of its ecological economic activities.

Market performance coexists with price fluctuations.

Although the price of SUI has faced short-term pressure recently, the quoted price was approximately $2.86 before the deadline, having once dropped to about $2.3 in the past 48 hours. However, the overall trading volume has surged by over 130% since last Saturday, indicating that market participation is still increasing.

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Summary

With the SUI ETF officially entering the review process, American investors may soon be able to access this emerging blockchain ecosystem through traditional financial platforms. For market participants optimistic about the potential of Sui technology, this is not only a new investment vehicle but also an important symbol of Sui’s globalization. In the coming months, the SEC’s review progress and the response from the American market will determine whether this ETF can be successfully listed. Regardless of the outcome, Sui’s pace in technological innovation and institutional adoption seems increasingly hard to ignore.