21Shares Goes for the SUI ETF Spot
Securities firm 21Shares seeks regulatory approval from the SEC for a spot Ethereum exchange-traded fund; market response to proposed move examined.
In a hot race for a U.S. spot Sui [SUI] ETF, digital asset manager 21Shares steps up alongside Canary Capital. The S-1 form filling with the Securities and Exchange Commission (SEC) sets the stage. Coinbase takes the custodian role for the proposed ETF.
The proposed ETF share creations and redemptions will be cash settled, not in-kind, as mentioned in the filing.
Remember when Canary Capital made the first ETF submission on the 17th of March? Well, it's a cat-and-mouse game now, as we wait to see if the SEC acknowledges these applications.
21Shares and Sui: A Strategic Union
21Shares recently announced a 'strategic partnership' to 'expand global reach.' In the statement, Duncan Moir, 21Shares president, said:
"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 partnership will encompass product collaborations, research reports, and various initiatives. The news sent SUI pumping 9% on Thursday, but the gains were soon erased as Bitcoin dominance rose to 64.8%.
Source: SUI/USDT, TradingView
The altcoin had rallied a whopping 100% from April lows, but loud cheers quieted as consolidation around $3.5 took center stage. However, it still holds above the crucial 200DMA (Daily Moving Average), giving bulls a chance to push forward to the next resistance above $4.
But SUI's address activity suggests a potential cool-off lasting a while. The recovery in April saw a dramatic rebound in active accounts from 1.3 million to nearly 2 million. But the metric dropped precipitously at the end of April into May, down to 1.1 million users—a 45% plunge in network activity. This could compress SUI, pushing it sideways or even lower, unless activity rebound again.
Source: Sui Scan
Poll: Win $500 USDT!
Take the Survey
Meanwhile, Litecoin shakes off bearish pressure, aiming for $96, while we ponder whether PENGU faces a 40% price drop. Stay tuned for more insights!
- The digital asset manager 21Shares has teamed up with Sui for a strategic partnership aiming to expand global reach.
- Duncan Moir, president of 21Shares, believes Sui could become one of the most exciting blockchains in the industry.
- Product collaborations, research reports, and various initiatives will be part of the partnership between 21Shares and Sui.
- The proposed SUI ETF share creations and redemptions will be cash settled, not in-kind, as mentioned in the filing.
- Coinbase will act as the custodian role for the proposed SUI ETF.
- The recent rise in Bitcoin dominance has erased some of the gains SUI experienced after its 100% rally from April lows, but it still holds above the 200DMA, giving bulls a chance to push forward to the next resistance above $4.
