SUI Jumps 4% Following 21Shares’ ETF Application

Swiss investment firm 21Shares has submitted an S-1 registration document for a proposed SUI exchange-traded fund (ETF) to the Securities and Exchange Commission (SEC).

Following the submission, the SUI token, currently priced at $3.67, experienced a jump of 4%.

Duncan Moir, President of 21Shares, remarked at the Sui annual Basecamp conference that their initial research indicated Sui could evolve into one of the most promising blockchains in the sector, and they are witnessing this prediction come to fruition.

Developed by ex-Meta engineers, SUI is a layer-1 blockchain whose native token boasts a market capitalization of $11.8 billion, placing it just outside the top ten cryptocurrencies.

This filing by 21Shares comes six weeks after Canary Capital also lodged an application to establish a SUI ETF.