Nasdaq filed a 19b-4 form with the US Securities and Exchange Commission (SEC) to list the 21Shares SUI ETF.
The move marks a pivotal step toward bringing a spot SUI ETF (exchange-traded fund) to US markets, even as the network crawls back from recent ecosystem-related woes.
Soaring Metrics Strengthen Case for SUI ETF Approval
The filing, posted to the SEC’s public register, initiates the formal review process for what could be one of the first altcoin-based ETFs in the US after Ethereum.
In a blog, the Sui Foundation said this filing marks the formal start of the US spot SUI ETF review process.
“The 19b-4 filing, now officially posted to the SEC’s public register, marks the formal beginning of the review process,” read an excerpt in the blog.
The filing follows 21Shares’ earlier S-1 registration in April. It represents a significant stride in the institutionalization of the Sui ecosystem.
With over $300 million already invested globally in SUI-based ETPs (exchange-traded products), primarily through Euronext Paris and Amsterdam listings, demand for regulated US exposure is growing.
Sui’s unique technological architecture has bolstered its rise. Sui’s object-oriented programming and horizontally scalable infrastructure support diverse uses. The use cases range from DeFi and gaming to real-world asset (RWA) tokenization.
The ecosystem’s metrics reflect this momentum. According to DeFiLlama, Sui ranks eighth in total value locked (TVL), with $1.944 billion currently deployed across its platforms.
SUI TVL. Source: DefiLlama
Its stablecoin market cap has surged to over $1.1 billion, up more than 190% year-to-date (YTD). Similarly, Sui blockchain’s stablecoin transfer volume exceeded $110 billion in May alone.
SUI Recovers After Cetus Hack Incident
BeInCrypto reported the recent $260 million Cetus hack on Sui, which triggered a network freeze amid decentralization concerns. Amid the discourse, the Sui network also faced backlash over the controversial $162 million recovery plan for Cetus.
Cetus is a key decentralized exchange (DEX) and concentrated liquidity protocol within the Sui and Aptos ecosystems. The network has since recovered, with its TVL bouncing back, reassuring participants of the protocol’s resilience.
Cetus TVL. Source: DefiLlama
The platform plays a foundational role in supporting traders, liquidity providers, and DeFi applications built on Move-based chains like Sui.
For Sui, efforts to restore user confidence included a $10 million security overhaul. It shifted toward shared accountability and direct support for dApp builders to prevent future vulnerabilities.
Against this backdrop, the SUI price has rebounded. SUI price is up 18% since the start of June and is trading at $3.47 at the time of writing. This represents a modest gain of nearly 2% in the last 24 hours.
Sui Price Performance. Source: BeInCrypto
Mysten Labs President Kevin Boon said the Sui ecosystem has become a primary destination for serious builders and institutions.
“…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,” an excerpt in the blog read, citing Boon.
The move also fuels growing speculation about a broader “Altcoin ETF Summer,” and Bloomberg analyst Eric Balchunas is taking notice.
However, when asked about potential demand, Balchunas articulated that not all altcoin ETFs could match the level of demand seen with Bitcoin ETFs.
“…the further away you get from BTC, the less assets there will be,” Balchunas noted.
He also noted that Osprey’s aggressive Solana filing might accelerate the SEC’s timeline for altcoin ETF decisions.
Meanwhile, the SEC has delayed a decision on the Hedera ETF application, extending the comment period.
“The Commission finds it appropriate to designate a longer period within which to take 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 chair Paul Atkins.
While the market remains cautiously optimistic, the progression of the 21Shares SUI ETF marks a significant moment in the mainstreaming of alternative Layer-1 ecosystems. Whether Sui becomes the next major asset class to break into the financial market remains to be seen; however, institutional demand appears ready for now.
