Nasdaq has officially filed a document with the US Securities and Exchange Commission (SEC) seeking approval to list the 21Shares SUI ETF. This filing kicks off a formal review process that follows 21Shares’ initial registration statement filed back in April. The listing signifies growing institutional interest in the Sui ecosystem, a Layer-1 blockchain known for its high transaction speed and developer-friendly infrastructure. 21Shares has already launched SUI-based exchange-traded products (ETPs) across Europe, with listings on Euronext Paris and Amsterdam, experiencing substantial inflows in recent months. This proposed fund is expected to bring broader access to the Sui network and its native token to US investors. The enthusiasm for Sui extends beyond 21Shares, with firms such as Canary Capital, Franklin Templeton, VanEck, Grayscale, and Ant Financial actively developing initiatives within the network since late 2024. Kevin Boon, President of Mysten Labs, commented: ‘The Sui ecosystem has become a key destination for serious developers and institutions. We at 21Shares are dedicated to identifying early trends like this one. The milestone of a Nasdaq filing is significant, demonstrating our commitment to building a future where every investor can access the SUI network.’ Meanwhile, Q1 saw remarkable growth within the Sui DeFi ecosystem, with average daily DEX volume reaching a record $304.3 million, up 14.6% quarter-over-quarter. Key players in the market included Cetus and Bluefin, while Kriya, DeepBook, and Turbos contributed to liquidity diversity. Despite this progress, the SUI token struggled during Q1, experiencing a market capitalization drop of 40.3% to $7.2 billion, double the broader market’s decline. However, the token has seen a recent rebound after experiencing volatility earlier in June.