Grayscale Files S-1 for SUI ETF After 21Shares’ Leveraged Nasdaq Debut

Highlights:

• Grayscale has applied to launch its own SUI ETF by filing an S-1 registration statement with the US SEC.
• The application comes shortly after 21Shares debuted the first SUI ETF for leverage exposure on Nasdaq.
• Grayscale’s proposed SUI ETF model will share similarities with the asset manager’s other ETFs.

Leading digital assets firm Grayscale has filed a fresh S-1 registration statement with the United States Securities and Exchange Commission (SEC). The application seeks the SEC approval for a “Grayscale Sui Trust.” The trust is a proposed SUI ETF model designed to increase investors’ exposure to SUI through a publicly traded security.

This move comes a few days after 21Shares launched the first SUI-based ETF in the United States. 21Shares’ SUI ETF was listed on Nasdaq under the ticker TXXS. It offers 2x daily exposure to SUI price movements, using derivatives instead of holding the token. Built primarily for short-term holding, the ETF closed at $24.57 on its first trading day, with over 4,700 shares traded. 

Interest in SUI Products Continues to Rise

Grayscale’s filing highlights the company’s commitment to growing its ETF-based assets. After converting its Bitcoin and Ethereum trusts to ETFs in 2024, Grayscale has rolled out several additional ETFs this year. Grayscale’s proposed Sui ETF fits the same model as the company’s other ETFs. It will track the price of SUI minus fees and expenses. Additionally, the ETF will offer investors direct exposure to the cryptocurrency, eliminating the need for wallets, exchanges, or storage.

Earlier this year, Canary Funds filed for its own spot SUI product. The company’s application entered the SEC review stage in July. However, its approval has remained pending. These recent and previous filings underscore asset managers’ strong faith in SUI. It also highlights investors’ growing demand for easier access to the Sui network. After launching the first leveraged SUI ETF, 21Shares’ Chief Executive Officer (CEO), Russell Barlow, said the company capitalized on one of the rising winners of the occasion. “Sui is bringing in the new era of blockchain technology, which is characterized by simplicity,” the CEO added.

SUI’s Price Remains Below $2 as Grayscale Files S-1 Statement for the Asset’s ETF

On CoinGecko, SUI is ranked as the thirty-first most valuable cryptocurrency with a market cap of $5.76 billion. It is trading at $1.54, following a 5.8% decline in the past 24 hours and a trading volume of $867.32 million.

Despite its recent decline, Sui’s 7-day-to-date metric shows a 1.9% upswing, with price extremes fluctuating between $1.31 and $1.77. However, other extended-period variables, including Sui’s month-to-date and year-to-date data, reflect declines of about 23.2% and 64.1%, respectively.

Coincodex’s risk assessment shows that 99% of the top 100 cryptocurrencies have outperformed SUI. The asset is trading below its 200-day Simple Moving Average (SMA), with less than 37% of its total supply in circulation, and only 12 green days in the last month. The asset has a yearly inflation rate of 59.75% with a very high volatility of 14.76%.

Source: CoinGecko

Other SEC-Approved Grayscale ETFs Begin Trading on US Exchanges

On December 2, Crypto2Community reported that Grayscale’s Chainlink ETF started trading on the New York Stock Exchange (NYSE) under the ticker GLNK. The Chainlink ETF became the third product launched by Grayscale in less than two weeks. The asset manager had previously rolled out Dogecoin and XRP ETFs. These funds started trading on the NYSE platform in late November.

eToro Platform

Best Crypto Exchange

• Over 90 top cryptos to trade
• Regulated by top-tier entities
• User-friendly trading app
• 30+ million users

9.9

Visit eToro

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.