Bitwise joins race to launch SUI ETF with latest SEC filing

Crypto index fund manager Bitwise is seeking to launch an exchange-traded fund tracking SUI tokens.

On Thursday, the firm filed a registration statement for the Bitwise SUI ETF with the Securities and Exchange Commission. 

"The Trust’s investment objective is to seek to provide exposure to the value of Sui held by the Trust, less the expenses of the Trust’s operations and other liabilities," according to the filing.

Coinbase Custody Company, LLC will be the custodian. A ticker symbol and sponsor fee were not yet listed.

Other firms are also looking for an SEC green light for a SUI ETF. In March, Canary Capital filed for the first SUI ETF, quickly followed by 21Shares. Those have not yet been approved, but 21Shares brought the first exchange-traded product tracking SUI to market with its 21Shares 2x SUI ETF earlier this month.

SUI is ranked 31st among other cryptocurrencies when measured by market capitalization, according to The Block's price page. It is the native asset powering the eponymous Sui Layer 1, which is a blockchain project spun out of Meta's shuttered Diem project. 

Firms have debuted several different types of crypto ETFs over the past few months, including ones tracking XRP, DOGE, and SOL. Under the Biden administration, the SEC adopted a more cautious stance toward digital assets and pursued a series of high-profile enforcement actions against major industry participants.

Under SEC Chair Paul Atkins, the agency has shifted toward regulatory clarity for digital assets, including approving listing standards for certain ETFs — enabling eligible products to reach the market more efficiently.