Coinbase Custody Powers 21Shares’ SUI ETF Filing as Token Surges 10%
In a landmark move for institutional crypto adoption, 21Shares has filed with the SEC to launch a SUI-focused ETF with Coinbase as custodian, triggering an immediate 10% price surge for the asset. This development signals growing confidence in Layer 1 alternatives and opens new regulated exposure avenues for investors.
SUI Skyrockets as 21Shares Files ETF
21Shares has filed with the U.S. Securities and Exchange Commission to launch an exchange-traded fund (ETF) tracking the price of SUI (SUI), marking a significant step toward mainstream institutional adoption. Coinbase will serve as custodian for the proposed fund, which would grant both retail and institutional investors direct exposure to SUI’s performance.
The filing triggered an immediate market response, with SUI’s price surging over 10% on the news. The token has rallied 80% in the past fortnight, reflecting growing investor confidence in the Sui ecosystem. 21Shares has also entered a strategic partnership with the Sui Foundation to collaborate on product development and blockchain research.
Approval remains contingent on the SEC’s review of both S-1 and 19b-4 filings. Market observers note this development follows the watershed approval of spot Bitcoin ETFs earlier this year, potentially signaling broader acceptance of altcoin investment vehicles.
MOVE Crashes 16% After Coinbase Delisting Amid Market Maker Dumping Allegations
Movement Labs’ MOVE token plunged 16% following Coinbase’s announcement to delist the asset in two weeks. Trading volume spiked 130% as investors rushed to exit positions, compounding the sell-off.
New allegations suggest Movement Labs may have ties to a market Maker that dumped 66 million tokens. The project’s credibility took another hit after delaying a planned airdrop, eroding confidence in its long-term viability.
Coinbase’s decision underscores the exchange’s influence over token valuations. While listings often boost prices, delistings can trigger rapid capital flight - particularly for smaller-cap assets like MOVE.
Coinbase Suspends Movement (MOVE) Trading Amid Insider Selling Concerns
Coinbase announced the suspension of Movement (MOVE) trading effective May 15, 2025, following evidence of insider profit-taking and erratic price action. The token, promoted by the exchange just months prior, will shift to limit-only mode immediately before being delisted entirely.
Market surveillance revealed abnormal trading patterns consistent with insider activity, triggering Coinbase’s review process. MOVE’s value collapsed after the disclosure, compounding losses for retail investors who entered during the initial listing hype.
The decision highlights increasing regulatory scrutiny on exchange listing practices. While MOVE remains tradable elsewhere, the Coinbase suspension sets a precedent for enforcing accountability among listed projects.
UK Regulatory Uncertainty Threatens Fintech and Crypto Leadership
The UK’s fintech sector is losing its competitive edge as crypto heavyweights voice growing frustrations over regulatory stagnation. Coinbase executives cite a risk-averse climate that stifles innovation, particularly around stablecoin development where policy ambiguity persists. The Bank of England’s warnings about systemic risks from offshore-backed stablecoins further complicate the landscape.
Industry leaders from Ripple to Zopa warn that restrictive policies may accelerate an exodus of crypto firms to more accommodating jurisdictions. This regulatory paralysis threatens London’s position as a global financial technology hub at a time when digital asset markets are gaining institutional traction worldwide.
