The crypto index fund manager joins a competitive field seeking regulatory approval to launch Sui-focused investment products.
Sui Token News
Bitwise submitted registration documents Thursday for an exchange-traded fund tracking Sui tokens with the Securities and Exchange Commission. The crypto index fund manager joins a competitive field seeking regulatory approval to launch Sui-focused investment products.
Coinbase Custody will handle asset storage for the proposed Bitwise Sui ETF, according to the filing. The registration statement describes the fund's goal as providing investors exposure to Sui held by the trust minus operational expenses and liabilities. Ticker symbols and fee structures remain unspecified in the initial paperwork.
Canary Capital filed the first Sui ETF application in March, followed quickly by 21Shares. Neither has received SEC approval yet, though 21Shares launched its 21Shares 2x SUI ETF earlier this month as the first exchange-traded product tracking the token.
The Sui network functions as a layer-1 blockchain that emerged from Meta's discontinued Diem project. Sui ranks 31st by market capitalization among cryptocurrencies, according to The Block's price data. The token powers the eponymous blockchain platform's operations.
Recent months have seen firms introduce various crypto ETF products tracking XRP, Dogecoin, and Solana. The Biden administration's SEC maintained a cautious digital asset stance and pursued enforcement actions against major industry participants during its tenure.
SEC Chair Paul Atkins has shifted the agency toward clearer digital asset regulations, including approval of listing standards for certain ETFs. The regulatory changes enable eligible products to reach markets more efficiently than under previous frameworks.
Bitwise's filing states the trust will seek to provide exposure to Sui value held minus expenses. The firm operates as a specialized crypto index fund manager and has launched multiple digital asset investment products across different tokens and blockchain networks.
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