Bitwise files for a spot SUI ETF with Coinbase Custody, extending the race to launch regulated publicity to the Sui Layer 1 token in U.S. markets.
Abstract
- Bitwise files for spot SUI ETF as institutional race heats up.
- Sui Layer 1 token in focus as Bitwise submits spot SUI ETF submitting.
- Coinbase-backed SUI ETF bid places Bitwise at heart of Layer 1 token race.
Bitwise Asset Administration has submitted a submitting to the U.S. Securities and Change Fee to launch an exchange-traded fund monitoring SUI tokens, in accordance with regulatory paperwork.
The proposed fund would supply traders publicity to the cryptocurrency’s worth, web of operational bills, the submitting acknowledged. Coinbase Custody Firm has been designated as the fund’s custodian. The ETF’s ticker image and sponsor price weren’t disclosed within the submitting.
A number of different asset managers have submitted comparable purposes. Canary Capital filed the primary SUI ETF software in March, adopted by 21Shares, which recently launched the 21Shares 2x SUI ETF, in accordance with regulatory filings. Not one of the earlier purposes have obtained SEC approval as of the submitting date.
SUI ranks thirty first in market capitalization amongst cryptocurrencies and serves as the native asset of the Sui Layer 1 blockchain, which was spun out of Meta’s former Diem challenge, in accordance with market knowledge.
Crypto ETFs monitoring property together with XRP, DOGE, and SOL have launched in current months. The SEC below the Biden administration issued enforcement actions towards main business members whereas sustaining a restrictive stance on crypto asset approvals.
Below present SEC Chair Paul Atkins, the company has authorized itemizing requirements for choose ETFs to streamline market entry and has moved towards establishing regulatory readability for digital property, in accordance with company statements.
The submitting displays continued institutional curiosity in creating regulated funding autos tied to rising crypto property. Business analysts have acknowledged that approval of a SUI ETF may increase entry for traders in search of publicity to Layer 1 blockchain tokens by way of standard funding buildings, probably growing adoption and liquidity available in the market.
