Crypto asset manager Bitwise has filed an initial registration with the U.S. Securities and Exchange Commission to launch an exchange-traded fund that tracks the Sui token, joining competitors Canary Capital and 21Shares in the race to bring a spot Sui ETF to market.
Bitwise submitted a Form S-1 filing on Thursday for the proposed “Bitwise Sui ETF,” marking the first formal step toward launching the product. According to the filing, the ETF would track the spot price of SUI, the native token of the layer-1 Sui Network.
The company has not yet disclosed the ETF’s ticker symbol. Coinbase Custody is expected to act as the custodian for the fund.
While the SEC has approved a wave of crypto exchange-traded funds in 2025, a spot Sui ETF has not yet been launched in the U.S. Canary Capital and 21Shares filed their own applications earlier this year, with the SEC’s review deadline for the 21Shares proposal scheduled for next month.
Earlier this month, the SEC approved a leveraged 2x SUI ETF from 21Shares and also adopted broader listing standards designed to streamline the approval process for crypto ETFs. These developments have increased optimism that additional spot crypto ETFs could reach the market.
The SUI token debuted in mid-2023 and is currently ranked as the 31st largest cryptocurrency by market capitalization, with a market value of approximately $4.98 billion. A spot ETF linked to SUI would likely be welcomed by the community, as publicly traded funds can generate significant institutional and retail demand if widely adopted.
Bitwise expands crypto ETF exposure
Bitwise has continued to broaden its exposure to crypto-based ETFs. Earlier this month, the firm added SUI to its 10 Crypto Index ETF, which trades on the New York Stock Exchange. The company described the Sui blockchain as being designed to make digital asset ownership faster, more secure, and more accessible.
Beyond a potential spot Sui ETF, Bitwise has already launched spot Bitcoin and Ether ETFs, as well as a spot XRP ETF this year. The firm expects the crypto ETF market to expand rapidly in the coming years. Bitwise researcher Ryan Rasmussen recently said he anticipates more than 100 new crypto ETF products could launch in 2026, signaling accelerated growth across the sector.
