key insights:
- 21Shares updates its Sui ETF application with detailed staking information and new custodial arrangements.
- Nasdaq will serve as the primary exchange for listing and trading shares of the Sui ETF.
- Sui’s price jumped over 2% in response to the updated ETF filing, signaling positive trader sentiment.
21Shares has made significant updates to its Sui ETF application with the U.S. Securities and Exchange Commission (SEC), filing a second amended S-1 document on October 23. This revision introduces important information about staking, the Nasdaq listing, and custodial arrangements. These changes come at a time when the cryptocurrency market anticipates the SEC’s decision on several spot crypto ETF applications.
A new section on staking was added to the amended filing, outlining the parameters of the ETF’s staking model. This includes details on the unbonding period for staked assets, how redemption will work, and the size and concentration of the trust. Furthermore, it mentions that 21Shares US LLC has agreed with Coinbase Crypto Services, which will manage staking, validate transactions, and approve blocks for an initial period of two years.
The update also named The Bank of New York Mellon as the cash custodian and Coinbase Custody as the crypto custodian for the Sui ETF. However, details on the transfer agent, marketing agent, and other aspects of the ETF’s operation remain undisclosed.
Nasdaq to List Sui ETF
In a crucial update, 21Shares confirmed that the Sui ETF would be listed and traded on Nasdaq. This marks a significant step in the ETF’s development, as the exchange is a major player in U.S. stock market listings. The ETF will track the performance of SUI based on the CME CF SUI Dollar Reference Rate.
The Sui cryptocurrency saw a positive price movement following the filing update. Within just an hour of the amendment, SUI’s price surged by 2.5%, reaching $2.47. The cryptocurrency traded between $2.40 and $2.50 during this period, with trading volume showing signs of increased interest. The derivative market, in particular, saw a noticeable uptick in Sui futures open interest, which rose by 3% in an hour, reflecting strong sentiment among traders. https://pintu.co.id/en/news/220927-21shares-enhances-sui-etf-with-staking/amp
The SEC had previously delayed its decision on 21Shares’ Sui ETF application due to ongoing discussions with exchanges about generic listing standards for spot crypto ETFs. This delay had initially dampened market sentiment, but the latest filing appears to have reignited some investor optimism.
