Bitwise Asset Management has officially submitted registration documents with the U.S. Securities and Exchange Commission (SEC) for a spot Sui exchange-traded fund (ETF), marking a key milestone in the expanding landscape of regulated crypto investment products. The move places Bitwise in direct competition with firms such as Canary Capitaland 21Shares, which have also filed for SUI-linked ETFs.
What Bitwise Filed With the SEC
On Thursday, Bitwise submitted a Form S-1 registration statement with the SEC for its proposed Bitwise Sui ETF, which would seek to track the spot price of SUI, the native token of the Sui blockchain network. The filing initiates the regulatory review process but does not yet specify a ticker symbol or fee structure.
Coinbase Custody is expected to serve as the fund’s custodian — meaning it would securely hold the underlying SUI tokens on behalf of the ETF. The trust intends to offer investors direct exposure to SUI’s price movements within a regulated framework.
Growing Competition for a SUI ETF
Bitwise’s filing comes amid heightened institutional interest in ETFs tied to alternative cryptocurrencies beyond Bitcoin and Ethereum. Two other major asset managers are also pursuing similar products:
Canary Capital filed its SUI ETF application with the SEC earlier in 2025, positioning itself as one of the first movers in the SUI ETF space.
21Shares also submitted an S-1 to launch a spot SUI ETF and has recently expanded its filings to include potential staking mechanics within the fund structure.
Additionally, 21Shares launched a leveraged SUI ETF — the 21Shares 2x Long SUI ETF — on Nasdaq earlier this month, offering investors double daily exposure to SUI price movements, though this product differs from the spot ETF Bitwise and others are pursuing.
Why This Matters
The proposed Bitwise Sui ETF highlights growing demand for regulated crypto exposure within traditional investment channels. If approved, a spot SUI ETF would enable institutional and retail investors to gain price exposure to SUI without needing to hold the tokens directly on crypto exchanges or personal wallets — an advantage for those seeking regulated alternatives.
This trend reflects broader momentum in the crypto ETF sector, following regulatory approvals for spot Bitcoin and Ethereum ETFs in the United States in 2025, and a wave of filings for products tied to other digital assets.
Market Reaction
Following news of Bitwise’s filing, SUI’s price rebounded from recent lows, rising more than 4.5% in intraday trading — a possible sign that investors view increased institutional interest as a positive signal for demand and liquidity in the Sui ecosystem.
Next Steps — Regulatory Review Ahead
While the submission represents a significant step forward, Bitwise’s Sui ETF must still undergo the SEC’s review and approval process, which can take several months or longer. Market participants will closely monitor developments as the SEC continues to evaluate applications for spot crypto ETFs within a rapidly evolving regulatory environment.
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