21Shares Seeks U.S. Spot Sui ETF After Europe Launch

Leading European cryptocurrency asset manager 21Shares has taken a major step toward expanding its footprint in the United States by filing for a spot Sui exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).

On April 30, 2025, 21Shares submitted a Form S-1 registration statement to the SEC, seeking approval for the 21Shares Sui ETF. This proposed investment vehicle is designed to mirror the performance of SUI, the native token of the Sui blockchain, by holding the digital asset directly through 21Shares’ U.S. subsidiary. Unlike synthetic or derivative-based instruments, this spot ETF will maintain a physically backed reserve of SUI tokens to provide investors with transparent exposure to the asset.

This move comes nearly a year after the firm successfully launched the 21Shares Sui Staking ETP in Europe in July 2024, with initial trading on Euronext Paris and Euronext Amsterdam. That European product gave investors exposure to Sui while participating in network staking rewards, a feature not currently specified in the U.S. proposal.

Ticker and Listing Details Yet to Be Disclosed

Although the 128-page SEC filing outlines the product structure and strategy, it does not disclose a ticker symbol or the U.S. exchange on which the ETF will be listed. According to the document, “there is no certainty that there will be liquidity available on the exchange or that the market price will be in line with the NAV [Net Asset Value] or the principal market NAV at any given time.”

The filing emphasizes that the ETF will provide direct exposure to SUI tokens, without employing leverage, engaging in speculative trading, or using derivatives—a clear sign of intent to offer a transparent, low-risk digital asset investment option.

Notably, 21Shares is not the first to pursue a Sui ETF in the U.S. market. On March 17, U.S.-based crypto investment firm Canary Capital filed its own Form S-1 for a spot Sui ETF, seeking regulatory approval. Shortly after, Cboe BZX Exchange petitioned U.S. regulators to allow listing of Canary’s product.

This emerging competition underscores growing interest in Sui-based investment products, particularly among institutional investors looking for regulated exposure to next-generation blockchain ecosystems.

Growing Momentum Behind Sui-Based ETPs

Sui-based exchange-traded products (ETPs) have already gained substantial traction in Europe. Alongside 21Shares’ product, the VanEck Sui ETP is also available, signaling a broader institutional appetite for Sui exposure.

As of April 25, 2025, Sui ETPs held over $400 million in assets under management (AUM), according to the latest data from CoinShares. The sector has recorded $72 million in inflows year-to-date, with a notable $20.7 million entering in just the last week, reflecting accelerating investor interest.

SEC Faces Wave of Crypto ETF Filings

The new filing from 21Shares adds to the growing pipeline of crypto ETF applications awaiting SEC review. According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, there were at least 72 crypto ETF filings under review by the SEC as of May 1, 2025.

As regulatory clarity continues to evolve, the competition to launch innovative, regulated crypto investment products in the U.S. is heating up. 21Shares’ move to introduce a spot Sui ETF in America could signal the beginning of broader adoption for Sui within institutional portfolios.