21Shares, a leading global provider of cryptocurrency exchange-traded products (ETPs) and Sui Network have announced their partnership for expanding global access and institutional engagement with the Sui ecosystem. The issuer (21Shares) has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for SUI ETF. If approved, it will allow investors to gain direct exposure to SUI in the United States.
The ETF will be tracking the CF Sui-Dollar Reference Rate Index, with Coinbase acting as the custodian. The ETF will not stake its SUI holdings, and the creation and redemption of the shares will be settled in cash. The launch is pending as the company waits for an SEC approval for both S-1 and 19b-4 forms.
Sui and 21Shares Bridging Traditional Finance and Blockchain Industry
With this ETF, 21Shares is leveraging the network’s advanced high-speed blockchain infrastructure in the United States. This move will also increase awareness, drive adoption and make the network accessible around the globe. This would indicate the market demand of the network and would also let investors realise the potential of the network.
This partnership is shedding light on the strength of the network and what all Sui can put forward to support real-world asset tokenization, DeFi, and consumer applications while leveraging 21Shares’ expertise in regulated crypto investment products. In this way, with this partnership, both of the companies are also bridging traditional finance with the blockchain industry.
This announcement has led to a significant increase in the price of the token. At press time, the token price stands at $3.73 with an uptick of 10.6% in the last 24 hours as per CoinGecko.
Experts Speak
Duncan Moir, President of 21Shares along with this partnership highlighted the network’s potential and stated “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,” and “We operate based on conviction but also investor demand, and our planned roadmap with the network is a reflection of both.”
21Shares is based out of Zurich, Switzerland is now expanding its focus to the U.S. market and they highlight that the network’s technology is in alignment with the institution. Federico Brokate, Head of U.S. Business at 21Shares, in the press release also highlighted “We believe Sui has the technical underpinnings, DeFi and developer ecosystems, and institutional alignment to play a central role in crypto for a long time.”
Kevin Boon, President at Mysten Labs, the original contributor to the network, also spoke and emphasized “Sui was designed to become the global coordination layer for digital assets,” said Kevin Boon, President at Mysten Labs, the original contributor to the network. “21Shares sees value in that work and is committed to making the ecosystem more accessible throughout the world.”
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