21Shares and Canary Capital Race to Launch First U.S. Sui ETFs

21Shares Files for Spot Sui ETF on Nasdaq

Hold onto your hats, crypto fans! 21Shares just threw their hat in the ring, filing to list a spot Sui exchange-traded fund on Nasdaq. They're not alone in this wild race—Canary Capital is right there, gunning for the same prize: bringing a Sui ETF to the U.S. market. It's like watching the crypto version of the Indy 500!

Filing Details and Timeline

On May 23, 21Shares pulled the trigger, filing the 19b-4 form to list the 21Shares Sui (SUI) spot ETF on Nasdaq. Boom! The U.S. Securities and Exchange Commission's review process is now officially underway. Coinbase Custody and BitGo are on board as custodians, ready to handle the fund's assets. And get this—21Shares had already submitted its S-1 registration statement to the SEC on April 30. Both filings are crucial for the ETF to hit the ground running. The SEC has until January 18 next year to make a call, but they can hit the snooze button multiple times within a 240-day window. Talk about keeping us on our toes!

21Shares' European Success

21Shares isn't new to the game. They've already got a 21Shares Sui Staking ETP (ASUI) rocking it in Europe, trading on the Euronext Paris and Amsterdam exchanges. This bad boy offers a sweet 1.52% staking yield and is currently managing over $168 million in assets. That's some serious clout!

Canary Capital's Parallel Efforts

Meanwhile, Canary Capital is hot on their heels. They registered a Sui trust in Delaware on March 7 and quickly followed up with their S-1 filing. Not wasting any time, they submitted a 19b-4 filing through Cboe BZX on April 8 to list the Canary Sui ETF. It's like watching a high-stakes game of chess!

Potential Impact on the U.S. Market

If these filings get the green light, we're looking at multiple Sui ETFs hitting the U.S. market for the first time. Each proposal is now under the SEC's microscope, with timelines that could stretch out under the agency's 240-day window. The anticipation is killing us!

SUI Price Reaction

Despite all the excitement, SUI's price took a nosedive, dropping nearly 8% on May 23—the very day of the filing. It kept sliding in the following days, hitting a local low of $3.40 on May 25. But hey, it's showing signs of life, currently trading at $3.70 and hovering around the EMA 20, which is acting like a stubborn wall of resistance. Will it break through? Stay tuned, folks!