Nasdaq Files with US SEC to List 21Shares SUI ETF

Highlights:

• Nasdaq shows interest in listing and trading 21Shares SUI ETF by submitting a 19b-4 application to the SEC.
• The proposal was approved by the stock exchange’s senior management.
• The ETF proposal was initiated on April 30 following 21Shares’ S-1 application filing with the SEC.

New York-based stock exchange Nasdaq submitted a 19b-4 application with the US Securities and Exchange Commission (SEC) to list and trade 21Shares’ SUI Exchange Traded Fund (ETF). In the court filing, Nasdaq noted that its senior management approved the proposed rule change.

Notably, 21Shares began the SUI ETF approval process after submitting an S-1 filing to the SEC on April 30. Crypto2Community captured the story, noting that the move aims to provide direct SUI access for investors. Notably, the tokens will be held on Coinbase. The ETF’s daily value will mirror a benchmark index, tracking SUI’s spot market actions.

According to official filings, Nasdaq has submitted a 19b-4 application to the U.S. Securities and Exchange Commission (SEC) for the 21Shares SUI ETF.https://t.co/j3YdFgy8TI

— Wu Blockchain (@WuBlockchain) May 27, 2025

Details About SUI ETF’s Shares and Trust

According to the SEC document, the ETF trust will operate under the Registration Statement guidelines. “The Trust is a Delaware statutory trust and will operate pursuant to a trust agreement, as amended and/or restated from time to time,” Nasdaq stated.

The trust’s sponsor will be 21Shares US LLC, while CSC Delaware Trust Company will serve as the trustee. Nasdaq noted that a third party appointed by either the sponsor or trustee will be the trust’s administrator. Moreover, the trust will not seek means to generate revenues apart from tracking SUI’s price actions. This means the trust’s sponsor will not trade SUI for profit.

Possible Actions Likely to be Taken By the SEC

Like most ETF applications, the SEC’s next step likely entails acknowledging the 19b-4 application. The commission will also request public opinion on the proposal. The public comments might last for a couple of days.

The SEC will also publish the application in the Federal Register. This then initiates the interval within which the SEC would either approve or reject the proposal. In one of her old tweets, renowned Fox Business journalist Eleanor Terrett noted that after publishing a proposal in the Federal Register, the SEC has about 240 days to relay its final decision to the public.

🚨BREAKING: 21Shares files the first-ever SUI ETF on Nasdaq!

The filing, under Section 19(b)(2) of the Securities Exchange Act, marks a key step toward potential SEC approval. Bullish for $SUI! 🚀 pic.twitter.com/IA3Dyk1QdS

— Coin Bureau (@coinbureau) May 27, 2025

SUI ETFs Applications

Unlike XRP, Chainlink (LINK), and Solana (SOL), with several asset managers pushing for their ETF approvals, only two investment firms have submitted proposals for a spot SUI ETF. These include 21Shares and Canary Capital.

Both asset managers have submitted S-1 applications for the SUI ETF. CBOE exchange submitted a 19b-4 proposal for Canary Capital’s SUI ETF in April, while Nasdaq has done the same after 21Shares’ initial filing. The SEC has postponed its final decisions on several ETF applications, implying that the SUI ETF application could face a similar fate.

Moreover, ETF analyst James Seyffart has dismissed the possibility of any ETF approval happening within the second or third quarter of this year. In one of his tweets, the expert predicted that the SEC will most likely start approving or rejecting ETF proposals around the fourth quarter of 2025.

SUI’s Price Reaction

At the time of press, SUI is up 3.4% in the past 24 hours, trading at approximately $3.66 and oscillating between $3.42 and $3.67. SUI has a $12.23 billion market cap, ranking as the fourteenth most valuable crypto on CoinGecko.