Sui Salta 11% after the 21Shares application for an ETF al cash

By Hannah Pérez

21Shares presented an S-1 form to the SEC for an ETF from SUI to cash. The Swiss administrator signed a strategic alliance with SUI, which shot the price of Token.

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• 21Shares presented an S-1 form to the SEC for an ETF from SUI to cash.
• The administrator revealed a strategic association with the SUI developers.
• The Native Sui Token shot more than 10% in 24 hours.
• Canary Capital also requested to launch an ETF of Sui weeks ago.

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The Swiss Asset Administrator 21Shares He has proposed to the regulators of the United States to launch a quoted background (ETF) of Suiwhich has memberly promoted the price of that cryptocurrency.

21Shares formally introduced the paperwork on Thursday for the List and negotiation of an ETF of Sui in cash in US bags. In particular, the firm applied an S-1 record, a necessary form for the approval of an investment product of its type by the US stock and values ​​commission. UU. (SEC).

SUI, the native cryptocurrency of the network Suimore than 10% price jumped in 24 hours after the news.

Similar to other proposals, the ETF will seek to offer investors direct exhibitions to the price of sui cryptocurrency, with funds being guarded by Coinbase and reimbursements processed in cash instead of in kind, according to the document.

The ETF does not intend to dispose of the sui tokens to Stakingas he noticed The Blockwhich first reported the news, which means that investors will not be able to generate additional yields through participation (bet) in the network.

21Shares is associated with sui

The application is part of a “Strategic Association” newly announced between 21Shares and Sui.

“From our first research on Sui, we believed that it could become one of the most exciting block chains in the industry, and we will see that that thesis develops”Said Duncan Moir, president of 21Shares. “We operate based on conviction, but also the demand for investors, and our planned roadmap with SUI is a reflection of both.“

The alliance has as focus “expand the global reach as interest in the ecosystem continues to grow“, With the intention of expanding collaboration for the development of products, research reports and other initiatives, according to a statement on Thursday.

The application for an ETF of Sui adds to the growing list of cryptocurrency proposals made by 21Shares. The European Asset Manager, increasingly with a greater presence in the United States market, has also submitted Cryptocurrency ETF requests to cash related to cash related to XRP, Solana, Dogecoin and Polkadot.

Last year, 21Shares He was on the initial list of administrators approved by the SEC to launch the first ETFs of the American market in the US market. The firm also offers one of Ethereumapproved last May by the regulator.

Sui shoots more than 10%

Development occurs at a time when participants in the cryptocurrency industry in the United States expect anxiously for the approvals of dozens of ETFs linked to Altcoins. The SEC currently has more than 70 records on its cryptocurrency ETF desktop, with verdict limits this year.

The main fund managers, including Wisdomtree, Grayscale, Bitwise, Canary Capital and Franklin TempletonThey have presented proposals to bring to the ETF market linked to XRP of Ripple, Solarium (SUN), Litecoin (LTC), Cardano (ADA) and others.

21Shares It is not the first to seek an ETF of Sui. A few weeks ago, Canary Capital He presented a similar proposal to the SEC, and this Thursday added another separate request for an ETF in cash of Sei.

SUI, a layer 1 block chain developed by former engineers of Goalhas a market capitalization of USD $ 11.8 billion. Its native cryptocurrency, with a current price of USD $ 3.67, is the largest 11th per market capitalization.

According to data from Coinmarketcap, The sui price has increased 11% in the last 24 hours, and earlier reached a local maximum of USD $ 3.74. Its commercial volume has increased almost 8% to USD $ 1.51 billion.

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Hannah Estefanía Pérez / Diariobitcoin

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