SUI rises 10% as 21Shares files for SUI ETF amid latest partnership

SUI is up 10% on Thursday following a partnership with asset manager 21Shares to expand the firm's blockchain reach and collaborate on product developments. Alongside the partnership, 21Shares submitted an S-1 registration filing with the Securities and Exchange Commission (SEC) to launch an SUI ETF.

21Shares files for SUI ETF, secures partnership with Layer-1 network

21Shares submitted an S-1 filing with the SEC to launch an SUI ETF, adding to its list of crypto ETF applications with the regulator. The firm claims that the ETF application was motivated by increased SUI demand.

"We operate based on conviction, but also investor demand and our planned roadmap with Sui is a reflection of both," said Duncan Moir, President of 21Shares, in a press release. 

21Shares has become the second firm to file an SUI ETF with the SEC, coming behind asset manager Canary Capital, which submitted an application in March. Afterward, Cboe BZX filed a 19b-4 with the regulator to list and trade Canary Capital's SUI ETF in April.

21Shares, alongside many other crypto ETF issuers, await the SEC's decision regarding their ETF filings. This involves several cryptocurrencies, including Litecoin, Solana, XRP, HBAR, Dogecoin, Avalanche, Polkadot and Cardano.

Bloomberg analyst Eric Balchunas released an updated list of the approval odds for several crypto ETFs, excluding that of SUI.

The list highlights a probability of 75% and above for the SEC to approve several crypto ETFs, signifying increased expectations for more altcoin ETFs to debut on Wall Street later in the year.

In addition to the filing, 21Shares revealed a partnership with the Sui Network, aiming to expand its reach in the US market. The firm claims the partnership will produce product collaborations, research reports and real-world asset tokenization initiatives.

"We believe Sui has the technical underpinnings, DeFi and developer ecosystems, and institutional alignment to play a central role in crypto for a long time," Federico Brokate, Head of US Business at 21Shares, stated.

This adds to the Sui Network's growing collaborations, including a recent partnership with Trump-inspired World Liberty Financial (WLFI) in March. WLFI claimed the partnership would span leveraging the SUI ecosystem to explore product development opportunities and the inclusion of SUI in its strategic crypto reserve.

SUI saw a 10% rise following the announcement, nearing $4 — a level it has failed to recover since February 1. The token is up over 20% in the past week, outperforming top cryptocurrencies, including Bitcoin, Ethereum, XRP and Solana.