Nasdaq Makes Bold Move: Files for 21Shares’ U.S. SUI ETF – Crypto’s Wall Street Invasion Accelerates

Wall Street''s crypto embrace hits hyperdrive as Nasdaq officially files paperwork for 21Shares'' spot SUI ETF—the latest institutional stamp of approval for digital assets.

The ETF arms race escalates

While BlackRock and Fidelity battle over Bitcoin ETF dominance, Nasdaq just fired the opening shot in the next frontier: bringing altcoin exposure to traditional markets through regulated products. No more pretending crypto is just Bitcoin and Ethereum.

SUI gets the institutional nod

The Layer 1 blockchain—often overshadowed by Solana and Aptos—just scored a major legitimacy boost. Nasdaq doesn''t waste filing fees on basement-dwelling projects (looking at you, meme coin brigade).

Regulatory hurdles ahead

Don''t pop the champagne yet—the SEC still gets to play gatekeeper. But with crypto ETFs becoming Washington''s new cash cow via fees, resistance may prove... negotiable.

Another brick in Wall Street''s crypto casino. At least this time they''re letting us see the cards.

Sui Foundation says institutional adoption is on the rise

Nasdaq just filed to list the 21Shares SUI ETF — a spot ETF backed by the SUI token.

From $300M+ in global ETP inflows to a potential U.S. listing, institutional momentum for Sui is very real.

Next stop: institutional adoption. pic.twitter.com/5AGtmXimHs

— Sui (@SuiNetwork) June 10, 2025

Sui Foundation stated that the next stop for the SUI ETF would be institutional adoption across the U.S. The foundation said over $300 million had already been invested in exchange-traded products based on the global SUI ecosystem. The organization added that the U.S. listing will help expand access to its LAYER 1 ecosystem, which has already become synonymous with unmatched performance and utility. 

The foundation revealed that 21Shares, a crypto asset manager, has already listed a Sui ETP on the Amsterdam and Euronext Paris exchanges. The blockchain organization added that the flows into those ETPs have increased sharply this year.

Sui Foundation stated that besides 21Shares, its innovative technology has also attracted the likes of Franklin Templeton, ANT Capital, Canary Capital, Grayscale, and VanEck. The foundation added that these companies have launched an investment initiative or a product on the Sui ecosystem since the fourth quarter of 2024.

“Looking back at our mainnet only two years ago, the milestone of a NASDAQ filing is a powerful moment. We are proud to help 21Shares build towards a world where every investor can access SUI.” 

–Kevin Boon, President of Mysten Labs

Kevin Boon, Mysten Labs President, said the SUI ecosystem has become the main destination for serious builders. The president also revealed that the ecosystem has become the home for institutions. Boon added that 21Shares has built its legacy on identifying trends early, praising the firm for its first filing with the U.S. SEC. 

21Shares says BitGo and Coinbase will be the custodians 

According to DefiLlama, the Sui Foundation ranked 8th by total value locked (TVL). The organization’s stablecoin market cap has skyrocketed to over $1.1 billion, up over 190% on the year. Sui Foundation’s stablecoin transfer volume exceeded $110 billion in May alone. 

Nasdaq filed for 21Shares to list the ETF in the U.S. on May 23, initiating the SEC’s review process. According to the filing, 21Shares suggested that BitGo and Coinbase be the custodians that will hold the SUI on behalf of the trust. 

Canary Capital also submitted an S-1 registration filing to the U.S. SEC in April, seeking to list its first CRO ETF in the U.S. According to the firm, the fund will offer U.S. investors direct exposure to CRO’s price. Canary Capital revealed that Crypto.com will be the custodian and the liquidity provider of the new ETF. 

The President and COO of Crypto.com, Eric Anziani, praised ETFs, saying the funds have been a good means for broadening investor participation in both digital assets and further incorporating traditional and digital financial capabilities. Anziani added that he was excited to see Capital Canary’s commitment to ensuring U.S. investors could engage with CRO through the ETF. 

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