Nasdaq has submitted a 19b-4 filing to the US Securities and Exchange Commission (SEC) seeking approval to list the 21Shares SUI ETF.

The filing, which is now published in the SECs public register, initiates the formal beginning of the regulatory review process and follows 21Shares S-1 registration statement, which was filed in April.

Bringing SUI ETF to US Market

The proposed fund signals growing institutional interest in the Sui ecosystem, a Layer 1 blockchain known for its high throughput and developer-friendly architecture. 21Shares already offers a Sui exchange-traded product (ETP) in Europe, following listings on Euronext Paris and Amsterdam, and the products have seen a surge in inflows in recent months.

In fact, Sui Foundation revealed that more than $300 million is allocated to SUI-based investment products globally. As such, a successful US launch is expected to provide broader access to the network and its token. Interest in Sui has extended beyond 21Shares, with firms including Canary Capital, Franklin Templeton, VanEck, Grayscale, and Ant Financial rolling out various initiatives tied to the network since late 2024.

In an official statement, Kevin Boon, President of Mysten Labs, said,

The Sui ecosystem has become a primary destination for serious builders and institutions, and 21Shares has built its legacy on identifying those trends early. Looking back at our mainnet only two years ago, the milestone of a NASDAQ filing is a powerful moment. We are proud to help 21Shares build towards a world where every investor can access SUI.

Sui Q1 Performance

Suis DeFi ecosystem gained significant momentum in Q1, as the average daily DEX volume reached a record $304.3 million, up 14.6% quarter-over-quarter. Cetus and Bluefin dominated trading, while Kriya, DeepBook, and Turbos contributed to liquidity diversification.

Despite this growth, the SUI token struggled during the period, with its circulating market cap plunging 40.3% to $7.2 billion, double the broader markets 18.2% decline.

The altcoin saw a brief respite in mid-May and was trading near the $3.96 mark but declined shortly thereafter as it experienced increased volatility and bottomed out below $3.00 in early June, along with the broader market drawdown. However, it has since rebounded, climbing back to approximately $3.50 by June 11.