Headline: Bitwise files for spot SUI ETF with Coinbase Custody as institutional race for Sui exposure accelerates
Bitwise Asset Management has filed with the U.S. Securities and Exchange Commission to launch a spot SUI exchange-traded fund, naming Coinbase Custody as the proposed custodian, according to regulatory documents. The fund would give investors regulated exposure to the SUI token’s market value, net of operational expenses; the filing did not disclose the ETF’s ticker or sponsor fee.
The move adds Bitwise to a growing list of asset managers scrambling to bring Sui exposure to U.S. investors. Canary Capital submitted the first SUI ETF application in March, and 21Shares has also filed and recently launched a 21Shares 2x SUI ETF, per filings. As of the Bitwise submission, none of the SUI ETF applications have secured SEC approval.
SUI is the native token of the Sui Layer 1 blockchain — a project with roots in Meta’s former Diem initiative — and currently ranks 31st by market capitalization among cryptocurrencies. The Bitwise filing follows a wave of recent crypto ETF activity: spot or derivatives products for tokens such as XRP, DOGE, and SOL have rolled out in recent months.
Regulatory context remains pivotal. The SEC under the Biden administration took a more enforcement-focused posture toward crypto, but the agency — now led by Chair Paul Atkins, according to agency statements cited in the filing — has recently approved listing standards for select ETFs and signaled steps toward clearer rules for digital assets.
Industry observers say an approved SUI ETF would broaden access to Layer 1 token exposure via mainstream investment vehicles, potentially lifting liquidity and adoption for the Sui ecosystem. For now, Bitwise’s application joins a competitive pipeline that will await SEC review and a decision.
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