Solana Challenger Sui Jumps After 21Shares Files for SUI Exchange-Traded Fund

The Solana (SOL) competitor Sui saw a brief uptick in price on Thursday following the news that the crypto exchange-traded fund (ETF) provider 21Shares has filed for a spot SUI ETF in the US. Prior to the announcement, SUI was trading at around $3.56 and surged to a high of $3.75 shortly after, marking a more than 5% increase.

Currently, the 13th-ranked crypto asset by market cap has retraced and is trading at $3.57 at the time of writing. Duncan Moir, the president of 21Shares, expressed confidence in the Sui project, stating that the ETF filing reflects consumer demand and the firm’s belief in the potential of Sui as one of the most exciting blockchains in the industry.

In addition to 21Shares, the crypto asset manager Canary Capital has also filed for a SUI ETF, adding to the growing list of applications for various crypto exchange-traded products awaiting approval from the U.S. Securities and Exchange Commission (SEC). The SEC is currently reviewing over 70 applications for such products, as reported by ETF analyst James Seyffart from Bloomberg Intelligence.

The SEC’s approval of the first spot market Bitcoin ETFs in January 2024 led to significant inflows of capital into the top digital asset, and Ethereum ETFs were subsequently approved for trading in July of the same year. The anticipation for a SUI ETF in the US market signals the growing interest and acceptance of cryptocurrencies and blockchain technology within the mainstream financial sector.

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(Image credit: Midjourney)