Nasdaq has officially filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to list the 21Shares Sui ETF, setting the stage for potential regulatory approval. This move kicks off the formal review process and could pave the way for broader institutional exposure to the Sui network.
Nasdaq Takes Formal Step for Sui ETF Listing
The 19b-4 filing marks a key milestone for 21Shares, an asset manager pushing to expand crypto ETF offerings. This step comes shortly after the firm submitted its S-1 registration form, signaling its intention to offer a fund based on the SUI token, the native asset of the Sui blockchain.
If approved, this ETF would allow institutional investors to gain regulated exposure to SUI, potentially increasing mainstream adoption.
SUI Price Reacts to Nasdaq News
Following the filing, SUI’s price saw a modest 2% increase, currently hovering around $3.64. However, it’s still down 3% over the past week, reflecting broader market volatility.
Despite this, investor sentiment appears to have improved after the Nasdaq announcement, even as the Sui ecosystem recovers from a recent security breach.
Sui Network Responds to $223M Hack
Last week, the Sui ecosystem faced a setback when Cetus, a DeFi platform built on Sui, suffered a $223 million hack. The attack exploited a bug in Cetus’ math library, not a flaw in the Sui network or its Move programming language.
In response, the Sui team successfully froze $160 million of the stolen assets and launched a bounty program to retrieve the remaining funds. Additionally, the network has introduced a $10 million security fund aimed at strengthening ecosystem resilience.
What’s Next for the 21Shares Sui ETF?
Now that the 19b-4 is filed, the SEC will review the application, with a decision expected within months. Approval could position the 21Shares Sui ETF as a key gateway for traditional investors looking to gain crypto exposure in a regulated format.
This development also underscores the growing institutional interest in layer-1 blockchain networks like Sui, despite recent security concerns.
