21Shares Files for First-Ever Spot Sui ETF in the U.S., Reveals Strategic Partnership With Sui Network

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21Shares has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot Sui (SUI) exchange-traded fund, while simultaneously revealing a new strategic alliance with the Layer 1 blockchain project. The ETF would offer direct price exposure to SUI, the native cryptocurrency powering the Sui blockchain, with all assets held in Coinbase custody.

Unlike some of its peers, this proposed fund will not include staking capabilities, meaning it will not generate passive rewards by validating transactions on the network. Share creations and redemptions will be processed in cash, rather than using in-kind transfers — a structure increasingly common in the latest generation of U.S.-based crypto ETFs.

21Shares Doubles Down on Crypto ETF Ambitions in U.S. Market

With this filing, 21Shares joins Canary Capital in the race to introduce the first spot Sui ETF in the United States. Speaking previously on Sui’s potential, Canary Capital CEO Steven McClurg emphasized that Sui’s efficiency and speed could attract a wave of future blockchain projects.

The Swiss-based asset manager has ramped up its presence in the American ETF market in recent months, having already launched spot Bitcoin and Ethereum ETFs in partnership with Ark Invest. 21Shares has also filed applications for spot XRP, Solana, Dogecoin, and Polkadot ETFs, further highlighting its aggressive expansion strategy.

What Makes Sui Unique?

Sui is a high-performance Layer 1 blockchain built to support parallel transaction execution, significantly improving scalability. Developed by Mysten Labs — a team of former Meta engineers — Sui leverages the Move programming language, originally created by Meta for its Diem project.

This architecture allows Sui to excel in gaming, NFTs, and DeFi use cases, where speed and transaction throughput are essential. With a market capitalization of $12.2 billion, SUI currently ranks as the 13th largest cryptocurrency, and surged by 4% to $3.70 following the ETF announcement.

Strategic Alliance: 21Shares and Sui Join Forces

Alongside the ETF filing, 21Shares has unveiled a strategic partnership with the Sui network aimed at broadening global access to the ecosystem. The collaboration includes joint product development, institutional research, and marketing initiatives designed to drive awareness and adoption.

“From our earliest analysis, we recognized Sui’s potential to become a key player in the blockchain space,” said Duncan Moir, President of 21Shares. “This roadmap reflects both our conviction and growing investor interest.”

Sui’s technical edge in throughput and scalability makes it a strong candidate for real-world asset tokenization, including stablecoins and decentralized finance (DeFi) applications.

“Sui was built to serve as the global coordination layer for digital assets,” added Kevin Boon, President of Mysten Labs. “The team at 21Shares sees that potential and is committed to making Sui more accessible on a global scale.”