Nasdaq has filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to list the 21Shares Spot Sui ETF, formally triggering the regulatory review process. The move follows 21Shares’ prior S-1 registration submitted on April 30, with both filings necessary before trading can begin. If approved, the ETF would

• Nasdaq filed Form 19b-4 for the 21Shares Sui ETF, prompting a formal SEC review with a final decision due by January 18, 2026.
• SUI’s price jumped 6% with $1.16B in volume, highlighting investor excitement amid ETF optimism and despite recent security concerns.

Nasdaq has filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to list the 21Shares Spot Sui ETF, formally triggering the regulatory review process. The move follows 21Shares’ prior S-1 registration submitted on April 30, with both filings necessary before trading can begin. If approved, the ETF would grant institutional investors regulated exposure to the SUI token, native to the Sui blockchain network.

The SEC is required to respond within 45 days, though it can extend its decision for up to 240 days, placing the final deadline at January 18, 2026. The filing caused SUI’s price to spike nearly 8%, climbing to $3.70, while trading volume surged over 30%, exceeding $1.16 billion, according to CoinMarketCap.

Institutional Gateway Opens for Sui Ecosystem

The 21Shares Sui ETF aims to provide institutional investors with safe, regulated access to SUI—currently the 13th-largest cryptocurrency by market cap at $12.3 billion, still well below Solana’s $92 billion.

In its filing, 21Shares emphasized SUI’s core utilities: staking rewards, gas fee payments, liquidity for dApps, and governance participation. BitGo and Coinbase Custody are proposed custodians, though no ticker or management fee has yet been disclosed.

With SUI-based exchange-traded products already live on Euronext Paris and Amsterdam, the European arm of 21Shares has amassed $317.2 million AUM, with inflows of $2.9 million between May 16–24. The U.S. listing could accelerate that trend.

Security Incident Doesn’t Derail ETF Push

The filing came despite a $223 million exploit on Cetus—a protocol built on the Sui network—triggered by a bug in a math library, not a core network vulnerability. The Sui team swiftly froze $160 million of the stolen funds and offered a $6 million bounty for the remainder, alongside launching a $10 million ecosystem security fund.

Nasdaq’s involvement sends a strong signal of trust, helping the Sui ecosystem absorb the shock of the breach and maintain momentum.

While the Nasdaq filing represents a significant step, the SEC has delayed multiple crypto ETF approvals in recent months, including the CoinShares XRP ETF. ETF analysts Eric Balchunas and James Seyffart project potential ETF approvals no earlier than early Q4 2025, citing recent SEC behavior.

Currently, only two asset managers—21Shares and Canary Capital—have filed to launch a Sui ETF.

Canary’s filed for SUI ETF in April which added to the growing relevance to launch regulated SUI products.

Implications on SUI’s Price and Volume Surge

SUI’s price experienced a notable uptick, following the news about its ETF filing, rising approximately 8% to $3.70. SUI trading volumes also reached a significant increase as it surpassed $1.16 billion which indicates strong market interest and investors confidence in the token.

Technical indicators also point to a bullish movement for SUI, it already surpasses its  50-day and 200-day Exponential Moving Averages (EMAs) support levels around $3.00. The Relative Strength Index (RSI) still sits at 52, a neutral territory, possibly a safe zone to long and increase buying traffic. Analysts predict that if the ETF gains approval, SUI could potentially reach or exceed its previous all-time high of $5.35.

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