- Nasdaq files SEC proposal for Sui ETF, suggesting market growth.
- Sui token trades at $3.70, reflecting an 8% increase.
- SUI may set precedent for other altcoin ETFs in U.S.
Nasdaq has submitted a proposal to the SEC for listing a 21Shares spot Sui ETF, driving potential market growth.
The proposal marks a significant step towards legitimizing altcoin ETFs in the U.S., with Sui showing positive market momentum.
Nasdaq Pushes for 21Shares Sui ETF Approval
Nasdaq’s 19b-4 form for a 21Shares Sui ETF marks the initial regulatory move, potentially allowing institutional investment in Sui. This is notable for the cryptocurrency market.
The proposal, led by Nasdaq’s Senior Associate Sun Kim, draws parallels to Bitcoin and Ethereum’s previous ETF launches. Institutional custodians may include BitGo and Coinbase Custody. “The submission of the ETF proposal represents a critical regulatory step in the approval process,” said Sun Kim, Nasdaq’s Senior Associate General Counsel.
Sui Token Rises 8% Post-ETF Proposal
Following the filing, the Sui token’s trading price surged by 8% . This suggests investor confidence, with a notable increase in its 24-hour trading volume and market cap.
The potential ETF could enhance Sui’s financial visibility, attracting new investors while setting a regulatory benchmark for similar altcoin products.
Parallels with Bitcoin and Ethereum ETFs
The situation resembles the impact observed when Bitcoin and Ethereum ETFs were introduced, which drove significant price increases and institutional interest.
If approved, analysts suggest potential doubling of Sui’s value to $5.00, aligning with historical trends of regulated investment products boosting underlying assets.
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