Crypto asset manager Bitwise has taken another step in expanding its exchange-traded fund lineup by filing a Form S-1 with the U.S. Securities and Exchange Commission (SEC) to launch a spot SUI ETF. The proposed fund is designed to provide investors with 100% spot exposure to SUI, the native token of the Sui blockchain network, further signaling growing institutional interest in altcoin-based investment products.
With this filing, Bitwise becomes the fourth asset manager seeking SEC approval for a spot SUI ETF, following similar moves by Grayscale, 21Shares, and Canary Capital. Grayscale submitted its S-1 filing earlier this month, while 21Shares and Canary Capital filed earlier in the year. If approved, the SUI ETF would become the sixth crypto asset that Bitwise offers full spot exposure to, adding to its existing ETFs tied to Bitcoin, Ethereum, Solana, XRP, and Dogecoin.
Although Bitwise already provides indirect exposure to SUI through its crypto index fund, the proposed ETF would give investors direct access to the token’s spot price. According to the SEC filing, Coinbase will serve as the custodian for the fund, reinforcing Coinbase’s growing role as a key infrastructure provider for crypto ETFs.
The filing also reveals that Bitwise intends to incorporate staking into the SUI ETF structure, allowing the fund to generate additional SUI tokens through network participation. In addition, the ETF will support in-kind creations and redemptions, enabling direct transactions in SUI rather than cash. However, Bitwise has not yet disclosed the ETF’s ticker symbol or the exchange on which it plans to list.
This development comes shortly after the SEC approved a 2x leveraged SUI ETF from 21Shares, highlighting increasing regulatory momentum around SUI-based products. Despite the news, SUI’s market price showed little reaction, trading around $1.40 at the time of writing. The token remains down more than 12% over the past week, according to TradingView data.
As competition among crypto ETF issuers intensifies, Bitwise’s SUI ETF filing underscores the accelerating push to bring more altcoin investment options to regulated U.S. markets.
