Solana Challenger Sui Jumps After 21Shares Files for SUI Exchange-Traded Fund

The Solana (SOL) competitor Sui briefly ticked up in value on Thursday after information broke that the crypto exchange-traded fund (ETF) supplier 21Shares filed for a spot SUI ETF within the US.

SUI was buying and selling round $3.56 previous to the announcement and jumped to a excessive of $3.75 just a few hours later, a rise of greater than 5%.

The Thirteenth-ranked crypto asset by market cap has since retraced and is buying and selling at $3.57 at time of writing.

Duncan Moir, president of 21Shares, says the Sui ETF submitting, which is topic to approval from the U.S. Securities and Alternate Fee (SEC), displays client demand and the agency’s perception within the venture.

“Since our earliest analysis into Sui, we believed it may turn out to be one of the vital thrilling blockchains within the trade, and we’re seeing that thesis play out.”

The crypto asset supervisor Canary Capital has additionally filed for a SUI ETF. The SEC is presently mulling more than 70 applications for numerous crypto exchange-traded merchandise, in accordance with an inventory compiled by James Seyffart, an ETF analyst at Bloomberg Intelligence.

The SEC greenlit the primary spot market Bitcoin ETFs in January 2024, bringing in billions of {dollars} value of inflows to the highest digital asset by market cap, and the regulator subsequently approved Ethereum ETFs for buying and selling final July.

Observe us on X, Facebook and Telegram

Do not Miss a Beat – Subscribe to get electronic mail alerts delivered on to your inbox

Examine Price Action

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Each day Hodl are usually not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal threat, and any losses chances are you’ll incur are your duty. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Each day Hodl an funding advisor. Please notice that The Each day Hodl participates in internet online affiliate marketing.

Generated Picture: Midjourney