New York, May 1, 2025 — One of Europe’s leading crypto investment firms, 21Shares, has officially filed to bring its spot Sui ETF to the United States. The move adds fuel to a growing race among asset managers seeking approval from the U.S. Securities and Exchange Commission (SEC) amid mounting institutional demand for regulated crypto exposure.
The application, filed on April 30, marks 21Shares’ second major effort to commercialize Sui (SUI)-based investment products, following its July 2024 European launch on Euronext Paris and Amsterdam.
A Direct Approach to Crypto Exposure
The proposed 21Shares Sui ETF will aim to track the performance of SUI tokens held directly by 21Shares’ U.S. subsidiary. The ETF will not employ leverage, derivatives, or speculative trading — a move intended to attract conservative investors looking for direct crypto exposure without complexity.
“There is no certainty that there will be liquidity available on the exchange or that the market price will be in line with the NAV,” the 128-page S-1 filing notes.
While the fund’s ticker symbol and trading exchange have yet to be confirmed, the structure aligns with a broader trend toward spot ETFs — investment vehicles that hold actual crypto assets rather than derivatives.
Sui ETFs Are Already Gaining Ground in Europe
21Shares isn’t alone in its ambitions. Canary Capital, a U.S.-based crypto investment firm, was the first to file for a U.S. Sui ETF, submitting its Form S-1 on March 17. By early April, the Cboe BZX Exchange requested SEC clearance to list Canary’s version.
Meanwhile, Sui-based exchange-traded products (ETPs) — including those by VanEck and 21Shares — have been actively traded in Europe, where regulatory clarity and investor appetite continue to drive growth.
Sui ETPs Reach $400 Million in AUM
According to the latest data from CoinShares (as of April 25, 2025), Sui-based ETPs now command $400 million in assets under management (AUM). Year-to-date inflows stand at $72 million, with a notable $20.7 million entering just last week.
These numbers underscore a rising institutional appetite for Sui, a Layer-1 blockchain platform focused on speed, scalability, and user-friendly applications.
More Than 70 Crypto ETF Filings Await SEC Review
21Shares’ filing joins a crowded field. According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, the SEC is currently reviewing at least 72 crypto ETF applications — a record high that reflects intensifying pressure on U.S. regulators to define their stance on digital asset funds.
As crypto ETPs continue to flourish in Europe, U.S. investors remain on the sidelines, waiting for the SEC to issue its long-anticipated approvals.
Outlook: Will the SEC Keep Up With Market Momentum?
With crypto fund inflows growing and global investment firms like 21Shares aggressively expanding, the SEC’s decisions in 2025 could reshape the next era of asset management. Whether the U.S. will embrace spot crypto ETFs remains a central question — but one with hundreds of millions of dollars already in motion.
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