Bitwise Submits Application for Sui Blockchain ETF

Crypto investment firm Bitwise is the latest to apply for a SUI exchange-traded fund. The company made its move with a registration statement filed with the US Securities and Exchange Commission for the Bitwise SUI ETF.

The filing states the trust’s goal is to reflect the value of the SUI in its portfolio, less expenses. According to the document, the chosen custodian for the underlying assets is Coinbase Custody Company, LLC. A final ticker symbol and fee structure remain to be announced.

This filing follows similar moves from competitors earlier this year. Canary Capital and 21Shares each filed for SUI ETFs in March, though regulatory approval is still pending. 21Shares circumvented the wait by listing a leveraged SUI product on an exchange directly.

The SUI token powers the Sui blockchain and is ranked 31st in crypto market value. The Sui network itself is an offshoot of the technology originally created for Meta’s Diem project.