Nasdaq Pushes for 21Shares SUI ETF as Sui Ecosystem Makes a Major Comeback!
Jakarta, Pintu News – Nasdaq filed a form 19b-4 with the US Securities and Exchange Commission (SEC) to list the 21Shares SUI ETF.
The move marks an important stage in efforts to bring spot SUI ETFs (exchange-traded funds) to the US market, although the network is still trying to recover from recent ecosystem-related issues.
Nasdaq Files with SEC for 21Shares SUI ETF
This filing posted to the SEC’s public registry begins the formal review process for one of the first altcoin-based ETFs in the US after Ethereum . In a blog, the Sui Foundation stated that this filing marks the start of the SUI spot ETF review process in the US.
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“The 19b-4 filing, now officially posted to the SEC’s public registry, marks the official start of the review process,” the blog said.
This filing follows 21Shares’ previous S-1 registration in April. This is a significant step in the institutionalization of the Sui ecosystem.
TVL SUI Ranks 8th
With over $300 million already invested globally in SUI-based ETPs (exchange-traded products), primarily through listings on Euronext Paris and Amsterdam, the demand for regulated exposure in the US is growing.
Sui’s unique technology architecture has amplified its rise. Object-oriented programming and horizontally scalable infrastructure support a wide array of use cases. These use cases include DeFi, gaming, to real-world asset tokenization (RWA).
Ecosystem metrics reflect this momentum. According to DeFiLlama, Sui ranks eighth in total value locked (TVL), with $1.944 billion currently deployed across its various platforms.
Its stablecoin market capitalization has soared to more than $1.1 billion, up more than 190% year-on-year (YTD).
Likewise, the transfer volume of stablecoins on the Sui blockchain exceeded $110 billion in May alone.
SUI Recovers After Cetus Hacking Incident
Not long ago, the $260 million Cetus hack on Sui triggered a network freeze amid concerns over decentralization.
Amidst the discussion, Sui’s network is also facing criticism over the controversial $162 million Cetus recovery plan.
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Cetus is a decentralized exchange (DEX) and the main concentrated liquidity protocol in the Sui and Aptos ecosystems. The network has since recovered, with its TVL increasing again, reassuring participants of the protocol’s resilience.
The platform plays a fundamental role in supporting traders, liquidity providers, and DeFi applications built on Move-based chains like Sui.
For Sui, efforts to restore user trust included a $10 million security overhaul. They are moving towards shared accountability and providing direct support for dApp builders to prevent future vulnerabilities.
Amidst this situation, SUI prices have rebounded. The SUI price is up 18% since the beginning of June and is trading at $3.47 at the time of writing. This represents a modest gain of almost 2% in the last 24 hours (11/6).
SEC Continues to Delay Altcoin ETF Decision
President of Mysten Labs, Kevin Boon, said that the Sui ecosystem has become a key destination for serious builders and institutions.
“…this NASDAQ filing milestone is a powerful moment. We are proud to help 21Shares build towards a world where every investor can access SUI,” the blog quoted Boon as saying.
The move also sparked growing speculation about a broader “Altcoin ETF Summer”, and Bloomberg analyst Eric Balchunas started to take notice.
However, when asked about potential demand, Balchunas explained that not all altcoin ETFs can achieve the same level of demand as Bitcoin ETFs.
Read also: First XRP and Solana ETF Approval Could Happen on June 25? Read More!
“…the further away from BTC, the fewer assets there will be,” Balchunas said.
He also noted that Osprey’s aggressive filing for Solana could possibly accelerate the SEC’s timeline for an altcoin ETF decision.
Meanwhile, the SEC has delayed a decision on the Hedera ETF filing, extending the comment period.
“The Commission considers it necessary to establish a longer period for taking action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” said SEC Chairman, Paul Atkins.
While the market remains cautious yet optimistic, the development of the 21Shares SUI ETF marks an important moment in the mainstreaming of the alternative Layer-1 ecosystem.
Whether Sui will be the next major asset class to penetrate the financial markets remains to be seen; however, institutional demand seems to be in place for now.
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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
Reference:
- BeInCrypto. Nasdaq Files for 21Shares SUI ETF with SEC. Accessed on June 12, 2025
- Crypto News. SUI Breakout: Nasdaq Files for 21Shares SUI ETF by 2025. Accessed on June 12, 2025
