21Shares has taken one other step in direction of the launch of its Sui ETF. This time, the Nasdaq Stock Exchange has filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) on behalf of the asset supervisor to listing and commerce shares of this fund.
Nasdaq Files 19b-4 To List & Trade 21Shares Sui ETF
A SEC filing has proven that Nasdaq has filed the Form 19b-4 to listing and commerce shares of 21Shares Sui ETF on its inventory change. This formally initiates the evaluation course of, throughout which the Commission will approve or deny the appliance.
As CoinGape earlier reported, 21Shares has proven its intention to supply this ETF when the asset manager filed the S-1 with the SEC earlier this month. This fund will present institutional buyers with publicity to SUI, which is the native token of the Sui community.
The Sui value is within the inexperienced amid Nasdaq’s submitting, at present buying and selling at round $3.64. The altcoin has surged virtually 2% within the final 24 hours. However, it’s down 3% within the final seven days.
Nasdaq’s 19b-4 submitting comes following the Cetus $223 million hack, which shook the Sui ecosystem final week. The crew has up to now frozen $160 million of the stolen funds and has launched a $6 million reward to get well the remaining quantity.
The Sui network released a report yesterday confirming that the hack was on account of a bug in Cetus’ math library, somewhat than a vulnerability within the community or its Move programming language. The community additionally launched a $10 million fund to spice up the ecosystem’s safety.
It is value mentioning that 21Shares and Canary Capital are the one two asset managers which have filed to supply a Sui ETF. CBOE had filed the 19b-4 for Canary Capital’s ETF final month.
Based on predictions by Bloomberg analysts Eric Balchunas and James Seyffart, the SEC is unlikely to approve these funds anytime quickly. Instead, they predict that approval for the crypto ETFs will come within the early a part of the fourth quarter of this yr. The SEC recently delayed the CoinShares XRP ETF.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto information author and editor who has coated matters that lower throughout a number of matters and niches. Boluwatife has a knack for simplifying essentially the most technical ideas and making it simple for crypto newbies to grasp. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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