Bitwise files for a spot SUI ETF with Coinbase Custody, extending the race to launch regulated exposure to the Sui Layer 1 token in the US markets.
Summary
- Bitwise stocks for spot SUI ETF as the institutional race heats up.
- Sui Layer 1 token in focus as Bitwise files for spot SUI ETF
- The Coinbase-backed SUI ETF offering puts Bitwise at the center of the Layer 1 token race.
Bitwise Asset Management has filed with the U.S. Securities and Exchange Commission to launch an exchange-traded fund tracking SUI tokens, according to regulatory filings.
The proposed fund would provide investors with exposure to the value of the cryptocurrency, net of operating costs, the filing said. Coinbase Custody Company has been appointed as the fund’s custodian. The ETF’s ticker symbol and sponsor fee were not disclosed in the filing.
Several other asset managers have submitted similar applications. Canary Capital filed the first SUI ETF application in March, followed by 21Shares, which recently launched the 21Shares 2x SUI ETF, according to regulatory filings. None of the prior filings received SEC approval as of the filing date.
SUI ranks 31st in market capitalization among cryptocurrencies and, according to market data, serves as the original asset of the Sui Layer 1 blockchain, which emerged from Meta’s former Diem project.
Crypto ETFs that track assets, including XRP, DOGE and SOL, have launched in recent months. The SEC under the Biden administration has taken enforcement actions against major industry participants while maintaining a restrictive stance on the approval of crypto assets.
Under current SEC Chairman Paul Atkins, the agency has approved listing standards for select ETFs to streamline market access and is moving toward regulatory clarity for digital assets, according to agency statements.
The filing reflects continued institutional interest in creating regulated investment vehicles linked to emerging crypto assets. Industry analysts have stated that approval of a SUI ETF could expand access for investors seeking exposure to Layer 1 blockchain tokens through conventional investment structures, potentially increasing adoption and liquidity in the market.
