21Shares has taken another step towards the launch of its Sui ETF. This time, the Nasdaq Stock Exchange has filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) on behalf of the asset manager to list and trade shares of this fund.
A SEC filing has shown that Nasdaq has filed the Form 19b-4 to list and trade shares of 21Shares Sui ETF on its stock exchange. This officially initiates the review process, during which the Commission will approve or deny the application.
As CoinGape earlier reported, 21Shares has shown its intention to offer this ETF when the asset manager filed the S-1 with the SEC earlier this month. This fund will provide institutional investors with exposure to SUI, which is the native token of the Sui network.
The Sui price is in the green amid Nasdaq’s filing, currently trading at around $3.64. The altcoin has surged almost 2% in the last 24 hours. However, it is down 3% in the last seven days.
Nasdaq’s 19b-4 filing comes following the Cetus $223 million hack, which shook the Sui ecosystem last week. The team has so far frozen $160 million of the stolen funds and has launched a $6 million reward to recover the remaining amount.
The Sui network released a report yesterday confirming that the hack was due to a bug in Cetus’ math library, rather than a vulnerability in the network or its Move programming language. The network also launched a $10 million fund to boost the ecosystem’s security.
It is worth mentioning that 21Shares and Canary Capital are the only two asset managers that have filed to offer a Sui ETF. CBOE had filed the 19b-4 for Canary Capital’s ETF last month.
Based on predictions by Bloomberg analysts Eric Balchunas and James Seyffart, the SEC is unlikely to approve these funds anytime soon. Instead, they predict that approval for the crypto ETFs will come in the early part of the fourth quarter of this year. The SEC recently delayed the CoinShares XRP ETF.
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