Nasdaq Advances 21Shares’ SUI ETF Proposal, Kicking Off SEC Review

Nasdaq has initiated a significant step towards listing the 21Shares SUI ETF by filing a 19b-4 form with the U.S. Securities and Exchange Commission (SEC), according to Sui Foundation. This development marks the formal commencement of the regulatory review process for the proposed U.S. spot exchange-traded fund (ETF) tied to the SUI token.

Growing Institutional Momentum

This strategic move follows 21Shares' earlier S-1 registration filing in April, signaling an increasing institutional interest in the Sui ecosystem. With over $300 million already invested in SUI-based exchange-traded products globally, the potential U.S. listing could significantly enhance access to Sui's Layer 1 blockchain, renowned for its performance and utility. Currently, 21Shares offers a Sui ETP on Euronext Paris and Amsterdam, with notable growth in investment flows this year.

The Sui ecosystem has attracted significant attention from major financial entities, including Canary Capital, Ant Financial, Franklin Templeton, VanEck, and Grayscale, all of which have launched investment products or initiatives on Sui since late last year.

Kevin Boon, President of Mysten Labs, commented on the development, "The Sui ecosystem has become a primary destination for serious builders and institutions, and 21Shares has built its legacy on identifying those trends early. The milestone of a NASDAQ filing is a powerful moment, and we are proud to help 21Shares build towards a world where every investor can access SUI."

Technological Edge Driving Sui Ecosystem’s Scale

Sui distinguishes itself as the only blockchain designed for mass adoption, leveraging an object-oriented programming model and a uniquely scalable architecture. This enables a wide range of applications, from decentralized finance (DeFi) and gaming to real-world asset tokenization.

Ranked eighth by total value locked (TVL), the Sui network's stablecoin market cap has surged to over $1.1 billion, reflecting a 190% increase this year. Additionally, May 2025 saw Sui's stablecoin transfer volume surpass $110 billion, underscoring its growing utility and adoption.