21Shares Files for SUI Spot ETF on Nasdaq, Challenging Canary Capital in Bid to Enter U.S. Market

In a growing race to bring Sui spot ETFs to U.S. investors, 21Shares has officially filed to list its proposed SUI exchange-traded fund on Nasdaq, joining Canary Capital in a push to make the digital asset more accessible through traditional financial channels.

The latest filing from 21Shares—a Form 19b-4 submitted on May 23—kicks off a regulatory review process with the U.S. Securities and Exchange Commission (SEC). If approved, it would allow the SUI ETF to be publicly traded on the Nasdaq exchange. Coinbase Custody and BitGo have been named as custodians for the fund, offering institutional-level security for the underlying crypto holdings.

The filing follows a prior S-1 registration statement, submitted on April 30, which is necessary to register the fund itself. Both documents are required before the ETF can go live. The SEC has until January 18, 2026, to make a decision, although it has the discretion to extend the timeline up to 240 days.

This filing puts 21Shares in direct competition with Canary Capital, which filed similar paperwork in April through Cboe BZX Exchange. Canary had previously registered a Sui Trust in Delaware on March 7 and followed up with its own S-1 and 19b-4 filings, aiming to list its version of the spot SUI ETF.

Both ETF proposals are under independent SEC reviews, and if approved, would be the first SUI-focused ETFs available to U.S. investors, offering regulated exposure to the Sui blockchain’s native token.

21Shares already operates a Sui Staking ETP (ASUI) in Europe, where it trades on Euronext Paris and Amsterdam. The product currently boasts over $168 million in assets under management and offers a 1.52% staking yield, demonstrating clear appetite among institutional and retail investors overseas.

Bringing a similar product to the U.S. would represent a significant step toward mainstream adoption of Sui, a blockchain known for its scalability and developer-friendly infrastructure.

Despite the momentum on the regulatory front, the SUI token saw a dip in market value after the filing. On May 23, the day the 19b-4 form was submitted, SUI dropped nearly 8%, eventually falling to a low of $3.40 by May 25. It has since bounced slightly and is now trading around $3.70, though it faces resistance near the 20-day exponential moving average (EMA 20)—a technical level closely watched by traders.