Bitwise, the crypto-focused asset manager, has officially filed a Form S-1 with the Securities and Exchange Commission (SEC) to launch a Sui spot ETF in the United States.
In brief
- Bitwise filed a Form S-1 with the SEC to launch a spot SUI ETF in the United States, which would track the spot price of the SUI token
- If the ETF is approved, it would give exposure to SUI through a regulated product, without having to purchase or store the token, with Coinbase Custody tapped as custodian.
A strategic deposit that positions SUI among the coveted assets
On Thursday, Bitwise filed a Form S-1 with the SEC to register a new crypto product including the “Bitwise Sui ETF”. This is a spot ETF backed by the SUI token. The filing officially launches the regulator’s review process. Indeed, it is the first step before a possible listing on an American stock exchange.
According to the filing, this crypto ETF is designed to track the spot price of SUI. Bitwise has not yet indicated a ticker. However, he clarified that Coinbase Custody would be expected to provide custody of the fund's assets if the product is approved.
If greenlit, the ETF would allow investors to gain exposure to SUI through a regulated vehicle, without directly owning the token or managing a crypto portfolio.
Launched in mid-2023, this layer 1 blockchain was designed to respond to a recurring problem in the sector, notably scaling up. Sui focuses on high transaction rates, parallel execution and smoother management of digital assets.
This filing from Bitwise places SUI in a still small circle of cryptos candidates for institutional recognition via regulated investment products in the United States. To date, no SUI spot ETFs have been launched in the US market, despite growing demand.
Bitwise has not yet released an official ticker for the fund. On the other hand, we know that Coinbase Custody should ensure the custody of the fund's assets. It's a logical choice. Indeed, Coinbase has established itself as one of the benchmark custodians for crypto ETFs in the United States.
Intensifying competition around SUI ETFs
Bitwise is not alone in this field. Canary Capital and 21Shares also filed similar requests in the spring, in March and April respectively. The market's attention is particularly focused on the 21Shares file. Meanwhile, the SEC is expected on a decision next month.
At the beginning of May, the regulator already approved a 2x leveraged SUI ETF offered by 21Shares. A decision that was seen as a signal of openness, even if cash products remain subject to stricter scrutiny.
This dynamic is part of a more flexible regulatory context. The SEC recently implemented generic listing standards for crypto ETFs. It thus considerably simplifies the procedures for issuers. As a result, filings are coming one after the other and the launch schedule is accelerating.
Bitwise is betting on an explosion in the crypto ETF market
Bitwise expands gradually its product range as the regulatory environment evolves. Earlier this month, the company included SUI in its Bitwise 10 Crypto Index ETF, listed on the New York Stock Exchange.
Bitwise describes Sui as a blockchain that is fast, secure and suitable for large-scale adoption. Already present with spot Bitcoin and Ether ETFs, Bitwise also launched a spot XRP ETF this year. It thus strengthens its exposure to the most capitalized crypto assets.
According to Ryan Rasmussen, researcher at Bitwise, the pace will only intensify. In a recent interview, he mentioned more than 100 potential new crypto-ETFs by 2026, driven by fierce competition between issuers.
With a capitalization of approximately $4.98 billion, SUI now occupies 31st place in the world rankings. Its blockchain has also integrated bitcoin into DeFi through sBTC, LBTC and WBTC. The approval of a spot ETF could act as a major catalyst, opening access to a new wave of institutional and traditional investors.
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