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.
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