Bitwise manages several cryptocurrency ETFs, including XRP and solana.
SUI has an ETF managed by 21Shares.
The investment manager Bitwise submitted a formal application to the United States Securities and Exchange Commission (SEC) to launch a new exchange-traded fund (ETF) based on the sui cryptocurrency (SUI), from the eponymous network.
This move by Bitwise represents an effort to expand Wall Street investors’ access to this specific digital asset, adding to the offering of financial products with digital assets that the firm already manages.
The background proposed through an S-1 form, seeks not only to track the price of SUI, but also contemplates the possibility of staking its assets to generate additional returns for your participants.
The technical proposal details that Coinbase Custody would act as the custodian responsible for the security and segregated storage of digital currencies.
The market reacted to this announcement immediately, driving the price of the cryptocurrency from $1.32 to $1.44as seen in the graph.
Sui is a cryptocurrency network that stands out for being designed to offer high scalability, transaction speed and security for decentralized applications, using its own programming language, called Move, to facilitate faster transactions.
Bitwise has a consolidated track record in the sector, currently managing funds based on digital assets such as bitcoin, solana, XRP and dogecoin.
It should be noted that this is not the first approach of this crypto asset to the US stock market. As reported by CriptoNoticias, the firm 21Shares already manages a leveraged product under the ticker TXXS. This new Bitwise initiative reinforces the trend of financial institutions to diversify their portfolios with emerging digital assets.