Amid a cautious market for cryptocurrency exchange-traded funds, product development continues. On February 24, asset manager 21Shares launched the Spot SUI ETF (TSUI) on Nasdaq, offering traditional investors exposure to the Sui blockchain’s native token. The launch highlights institutional focus shifting beyond major assets like Bitcoin and Ethereum.
While headlines focus on ETFs bleeding during this phase of fear, companies continue to launch new investment options. On February 24, 21Shares launched its Spot SUI ETF [TSUI] on Nasdaq, showing that major players are actively shifting their focus.
Through this ETF, investors can gain exposure to Sui [SUI] without using wallets, making crypto easier for traditional investors. The Sui network is designed to handle large volumes efficiently, having already processed massive amounts of stablecoin activity.
Data from DeFiLlama supports a trend of high on-chain activity, with the network recording around $6.5 billion in DEX trading volume over 30 days. It has also handled more than $100 billion in stablecoin transfers for six consecutive months.
Duncan Moir, President of 21Shares, said in a press release, “Sui’s rapid ecosystem growth, technical strength, and institutional relevance were clear to us early on.” Evan Cheng, co-founder and CEO of Mysten Labs, echoed similar sentiments about Sui’s growth.
The crypto community expressed excitement, with one user stating on X, “Sui’s moment is finally here, no cap.” Another user questioned whether the news would affect SUI’s price.
At the time, SUI was trading around $0.87, showing a modest 1.74% recovery in 24 hours. Technical indicators presented a mixed picture, with the Relative Strength Index still in the bear zone while the MACD showed some green histograms.
21Shares is not alone in this space. Canary Capital launched the Canary Staked SUI ETF (SUIS) on February 18, and Grayscale launched its GSUI product on the same day. This demonstrates that crypto investing is expanding beyond just Bitcoin and Ethereum, with S-1 filings emerging for other assets.
