Overview
- Bitwise’s registration outlines a spot fund that would hold SUI directly to give investors regulated exposure to the Sui network’s native token.
- The proposed trust names Coinbase Custody, sets NAV using the CME CF Sui–Dollar Reference Rate, and permits in‑kind creations and redemptions.
- The structure includes staking of SUI holdings to earn rewards for the fund, a feature that could boost returns but adds operational and counterparty risks.
- Rival spot SUI ETF applications from 21Shares, Grayscale, and Canary Capital are already pending, and the SEC this month approved 21Shares’ 2x leveraged SUI ETF.
- The SEC is expected to issue initial comments in about 30 days and faces a Dec. 21 decision deadline on 21Shares’ spot filing; SUI rose roughly 4–5% off monthly lows after the Bitwise news, and Bitwise recently added SUI to its 10 Crypto Index ETF.