Nasdaq filed a 19b-4 kind with the US Securities and Trade Fee (SEC) to checklist the 21Shares SUI ETF.
The transfer marks a pivotal step towards bringing a spot SUI ETF (exchange-traded fund) to US markets, even as the community crawls again from latest ecosystem-related woes.
Hovering Metrics Strengthen Case for SUI ETF Approval
The filing, posted to the SEC’s public register, initiates the formal overview course of for what could possibly be one of many first altcoin-based ETFs in the US after Ethereum.
In a weblog, the Sui Basis stated this submitting marks the formal begin of the US spot SUI ETF overview course of.
“The 19b-4 submitting, now formally posted to the SEC’s public register, marks the formal starting of the overview course of,” read an excerpt within the weblog.
The submitting follows 21Shares’ earlier S-1 registration in April. It represents a major stride within the institutionalization of the Sui ecosystem.
With over $300 million already invested globally in SUI-based ETPs (exchange-traded merchandise), primarily by way of Euronext Paris and Amsterdam listings, demand for regulated US publicity is rising.
Sui’s distinctive technological structure has bolstered its rise. Sui’s object-oriented programming and horizontally scalable infrastructure assist various makes use of. The use circumstances vary from DeFi and gaming to real-world asset (RWA) tokenization.
The ecosystem’s metrics replicate this momentum. In accordance with DeFiLlama, Sui ranks eighth in whole worth locked (TVL), with $1.944 billion presently deployed throughout its platforms.
Its stablecoin market cap has surged to over $1.1 billion, up greater than 190% year-to-date (YTD). Equally, Sui blockchain’s stablecoin switch quantity exceeded $110 billion in Might alone.
SUI Recovers After Cetus Hack Incident
BeInCrypto reported the latest $260 million Cetus hack on Sui, which triggered a community freeze amid decentralization considerations. Amid the discourse, the Sui community additionally confronted backlash over the controversial $162 million recovery plan for Cetus.
Cetus is a key decentralized exchange (DEX) and concentrated liquidity protocol throughout the Sui and Aptos ecosystems. The community has since recovered, with its TVL bouncing again, reassuring contributors of the protocol’s resilience.
The platform performs a foundational function in supporting merchants, liquidity suppliers, and DeFi purposes constructed on Transfer-based chains like Sui.
For Sui, efforts to revive consumer confidence included a $10 million security overhaul. It shifted towards shared accountability and direct assist for dApp builders to forestall future vulnerabilities.
In opposition to this backdrop, the SUI value has rebounded. SUI value is up 18% for the reason that begin of June and is buying and selling at $3.47 on the time of writing. This represents a modest achieve of practically 2% within the final 24 hours.
Mysten Labs President Kevin Boon stated the Sui ecosystem has turn into a main vacation spot for critical builders and establishments.
“…the milestone of a NASDAQ submitting is a strong second. We’re proud to assist 21Shares construct in the direction of a world the place each investor can entry SUI,” an excerpt within the weblog learn, citing Boon.
The transfer additionally fuels rising hypothesis a couple of broader “Altcoin ETF Summer season,” and Bloomberg analyst Eric Balchunas is taking discover.
Nonetheless, when asked about potential demand, Balchunas articulated that not all altcoin ETFs may match the extent of demand seen with Bitcoin ETFs.
“…the additional away you get from BTC, the much less property there shall be,” Balchunas noted.
He additionally noted that Osprey’s aggressive Solana submitting may speed up the SEC’s timeline for altcoin ETF selections.
In the meantime, the SEC has delayed a choice on the Hedera ETF software, extending the remark interval.
“The Fee finds it acceptable to designate an extended interval inside which to take motion on the proposed rule change in order that it has enough time to contemplate the proposed rule change and the problems raised therein,” said SEC chair Paul Atkins.
Whereas the market stays cautiously optimistic, the development of the 21Shares SUI ETF marks a major second within the mainstreaming of different Layer-1 ecosystems. Whether or not Sui turns into the subsequent main asset class to interrupt into the monetary market stays to be seen; nonetheless, institutional demand seems prepared for now.
Disclaimer
In adherence to the Trust Project pointers, BeInCrypto is dedicated to unbiased, clear reporting. This information article goals to offer correct, well timed info. Nonetheless, readers are suggested to confirm info independently and seek the advice of with an expert earlier than making any selections based mostly on this content material. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been up to date.
