21Shares joins Canary Capital in the race for SUI spot ETF with Nasdaq listing bid

21Shares has filed to list a spot Sui exchange-traded fund on Nasdaq, joining Canary Capital in a race to bring a Sui ETF to the U.S. market.

On May 23, 21Shares filed the19b-4 form to list the 21Shares Sui (SUI) spot ETF on Nasdaq, officially kicking off the U.S. Securities and Exchange Commission’s review process. According to the filing, Coinbase Custody and BitGo will serve as custodians for the fund.

21Shares submitted its initial S-1 registration statement to the SEC on April 30. Both filings are required for the ETF to launch—S-1 registers the fund itself, while 19b-4 seeks approval to list it on the exchange. The SEC must issue a decision on the application by Jan.18 next year, though it can delay the process multiple times within a 240-day window.

21Shares already offers a 21Shares Sui Staking ETP (ASUI) in Europe, trading on the Euronext Paris and Amsterdam exchanges. The ETP offers a 1.52% staking yield and is currently listed with over $168 million in assets under management.

This 19b-4 filing positions 21Shares alongside Canary Capital, which is also seeking approval for a spot Sui ETF. Canary Capital registered a Sui trust in Delaware on March 7 and submitted its S-1 filing shortly after, followed by a 19b-4 filing through Cboe BZX on April 8 to list the Canary Sui ETF.

If approved, these filings would bring multiple Sui ETFs to the U.S. market for the first time. Each proposal is now under separate SEC review, with timelines subject to extensions under the agency’s 240-day window.

Despite the news, SUI price dropped nearly 8% on May 23, the day of the filing, and continued to retrace in the following days, hitting a local low of $3.40 on May 25. It’s now attempting a recovery, currently trading at $3.70, with the price hovering at the EMA 20, which is acting as dynamic resistance.