New Contender Emerges in SUI ETF Approval Contest
Bitwise, a prominent crypto asset manager, has entered the competition to list a SUI exchange-traded fund. The firm filed a registration statement with the Securities and Exchange Commission for the Bitwise SUI ETF this past Thursday.
The trust’s stated objective is to seek exposure to the value of its SUI holdings, net of expenses. For security, the fund will utilize Coinbase Custody Company, LLC as its custodian. Details regarding the fund’s ticker and management fee were not included in this preliminary filing.
This application places Bitwise alongside other firms vying for regulatory approval. Canary Capital and 21Shares both filed for SUI ETFs in March, though neither has received the US regulator’s green light. Notably, 21Shares has already brought a leveraged SUI exchange-traded product to market.
The SUI token, ranked 31st by market cap, is the foundational cryptocurrency for the Sui blockchain. This Layer 1 network was developed from the technology of Meta’s former Diem project.
