Nasdaq Files 21Shares Sui Token ETF, A New Chance for Investors

Nasdaq has officially filed for a new exchange-traded fund (ETF) tied to the Sui blockchain’s native token. According to a recent SEC filing, Nasdaq submitted a 19b-4 application to the U.S. Securities and Exchange Commission (SEC) for the 21Shares SUI ETF. 

Nasdaq Files For Sui ETF 

While Bitcoin and Ethereum already have ETF products in the works or available, Sui would be a new player in the ETF space. The filing was done by Nasdaq’s Senior Associate General Counsel Sun Kim, using the formal 19b-4 form. This is a key step in getting SEC approval for the ETF to trade in regular markets.

If approved, the ETF would let investors get involved in Sui without needing to directly buy or hold the SUI tokens. 

This could bring more attention and demand to Sui, which is known for being fast and supporting smart contracts and DeFi projects.

Rising Interest in Altcoin ETFs

This SUI ETF plan is part of a growing trend. More companies are filing for altcoin ETFs, including for coins like Litecoin, Solana, and XRP. 

Senior Bloomberg analyst Eric Balchunas shared that many of these altcoin ETFs have a high chance, around 75% or more, of getting SEC approval soon. This shows that interest in altcoins is growing, not just in Bitcoin and Ethereum.

Security Scare Doesn’t Slow Down Sui

The news of the ETF filing came soon after a big hack in the Sui blockchain. Last week, a security breach at Cetus resulted in $223 million being stolen. The Sui team managed to freeze $160 million of it and has launched a bounty to recover the rest.

Blockchain security team SlowMist stated that the issue was not with Sui itself, but with a bug in Cetus’ math library.

Even after this scare, SUI’s price has gone up a little, trading around $3.64 with a market cap of $12.17 billion.