The Solana (SOL) competitor Sui briefly ticked up in price on Thursday after news broke that the crypto exchange-traded fund (ETF) provider 21Shares filed for a spot SUI ETF in the US.
SUI was trading around $3.56 prior to the announcement and jumped to a high of $3.75 a few hours later, an increase of more than 5%.
The 13th-ranked crypto asset by market cap has since retraced and is trading at $3.57 at time of writing.
Duncan Moir, president of 21Shares, says the Sui ETF filing, which is subject to approval from the U.S. Securities and Exchange Commission (SEC), reflects consumer demand and the firm’s belief in the project.
“Since our earliest research into Sui, we believed it could become one of the most exciting blockchains in the industry, and we’re seeing that thesis play out.”
The crypto asset manager Canary Capital has also filed for a SUI ETF. The SEC is currently mulling more than 70 applications for various crypto exchange-traded products, according to a list compiled by James Seyffart, an ETF analyst at Bloomberg Intelligence.
The SEC greenlit the first spot market Bitcoin ETFs in January 2024, bringing in billions of dollars worth of inflows to the top digital asset by market cap, and the regulator subsequently approved Ethereum ETFs for trading last July.
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