TLDR
- Nasdaq has officially filed Form 19b-4 with the SEC for the 21Shares Sui ETF.
- The filing starts the regulatory review process for listing the Sui ETF on the Nasdaq exchange.
- 21Shares had already filed Form S-1 earlier this month to register the fund with the SEC.
- The Sui ETF aims to offer institutional investors regulated exposure to the SUI token.
- Following the filing, SUI token prices rose nearly 2% and traded around $3.64.
Nasdaq has filed Form 19b-4 with the U.S. SEC on behalf of 21Shares to list its Sui ETF. This filing initiates the regulatory review for trading shares of the fund on the stock exchange. It marks another step forward in 21Shares’ plan to provide institutional exposure to the Sui token.
21Shares Moves Forward With Sui ETF Listing Plan
21Shares continues to progress toward launching its Sui ETF by collaborating with Nasdaq for the official regulatory process. The firm had previously filed Form S-1 with the SEC to register the fund earlier this month. Now, Nasdaq’s Form 19b-4 filing signals the start of the Commission’s decision-making timeline.
The Sui ETF seeks to give professional investors regulated access to SUI, the native digital asset of the Sui blockchain network. Nasdaq’s application enables the SEC to review and eventually approve or reject the listing on its platform. This development supports the growing demand for crypto-backed exchange-traded products in regulated markets.
If the SEC approves the listing, it would mark a milestone for 21Shares in expanding its crypto ETF offerings. However, the timing of any approval remains uncertain due to recent delays across crypto ETF reviews. Still, 21Shares remains one of only two firms actively seeking to offer a Sui ETF.
Sui Token Shows Positive Price Movement After Filing
Following the Nasdaq filing, the SUI token traded at approximately $3.64, reflecting a nearly 2% gain over the last 24 hours. Although the token showed short-term growth, it remained down 3% over the past week. Investors reacted cautiously amid broader uncertainty around regulatory outcomes.
Despite recent challenges in the Sui ecosystem, market activity stayed relatively stable after the ETF news. Increased investor interest may stem from institutional anticipation surrounding regulated Sui ETP products. Short-term price fluctuations are not uncommon in response to filings of this nature.
Nasdaq’s involvement could help legitimize the asset in the eyes of institutional investors, supporting the token’s long-term prospects. The growing interest in the Sui ETF highlights the increasing convergence of traditional finance with digital assets.
Security Breach Hits Sui Network, But Filing Moves Forward
The Nasdaq filing came shortly after a $223 million exploit targeted Cetus, a protocol operating on the Sui blockchain. Despite the incident, the Sui network confirmed that the attack resulted from a math library bug in Cetus, not a network flaw. The team froze $160 million in stolen assets and offered a $6 million reward for the remaining funds.
In response, the network also introduced a $10 million fund to enhance ecosystem security and restore confidence. These efforts aim to prevent future issues while maintaining focus on long-term network development. While the attack impacted sentiment, the Sui ETF filing moved ahead undeterred.
This incident did not halt interest in regulated investment products such as the Sui ETF. The Sui network’s swift response and Nasdaq’s involvement may help mitigate investor concerns. Regulators will likely assess these developments as they review the ETF proposal.
Industry analysts predict that the SEC may delay decisions on crypto ETFs, including the Sui ETF, until later in the year. Bloomberg analysts expect approvals not to arrive until early Q4 based on recent regulatory patterns. For instance, the SEC recently postponed a ruling on the CoinShares XRP ETF.
