Features and Leverage Mechanism

TXXS provides investors with regulated and leveraged exposure to SUI. Instead of holding the underlying SUI token, the fund uses derivatives to target double the daily price movement of the token.

Russell Barlow, CEO of 21Shares, stated:

“Widespread adoption of digital assets hinges on the market’s ability to offer consumers uncomplicated applications of the technology, and investors are eager to jump on products that seek to amplify those investment returns. With this launch, 21Shares is capitalizing on one of the winners rising to the occasion and ushering in the next era of blockchain technology – one dominated by simplicity.”

SUI and Ecosystem Data

Sui is a decentralized cryptocurrency built on the Ethereum blockchain using a proof-of-stake consensus mechanism. Its native token is used for transaction fees, network governance, and staking. SUI has surpassed $10 billion in 30-day DEX volume and processed over $180 billion in stablecoin transfer volume for the fourth consecutive month.

21Shares and Regulatory Process

21Shares filed for a spot SUI ETF in May 2025 and announced a strategic partnership with SUI. Leveraged ETFs are typically short-term products suitable for experienced traders due to high risk.

According to ETF.com, while 2x leverage had long been seen as the ceiling under Rule 18f-4, some issuers believed there was a possible loophole in how derivatives rules were written. By structuring portfolios in certain ways, they hoped to justify using something other than the actual underlying asset for the VaR test. The SEC made it clear that this interpretation is not acceptable.

TXXS is the 74th crypto ETF launched this year and the 128th overall. Analysts expect over 80 additional ETF launches in the next 12 months. This development provides investors with regulated access to SUI and other Layer-1 projects, expanding both institutional and retail channels in the crypto market.

Leveraged ETFs can amplify gains, but they also increase potential losses. Products like TXXS operate based on daily price movements, and long-term returns may deviate from daily targets. Investors should carefully consider their risk tolerance before trading.

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Sui is a Layer 1 blockchain network known for its high transaction speed and scalability. Developed with the programming language Move, Sui aims to make Web3 applications work faster, cheaper and more user-friendly. Sui, which paves the way for advanced use cases in areas such as NFTs, games and DeFi, is especially popular with the developer community.

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What Does ETF Mean?

ETF (Exchange Traded Fund) is an investment product that tracks a specific asset or basket of assets and can be bought and sold on exchanges. The ETF planned by 21Shares for Sui will allow investors to be exposed to this asset without directly purchasing SUI tokens. This will create a safer and more regulated investment opportunity for both individual and institutional investors.

Why Did 21Shares Choose SUI?

21Shares had previously developed ETF products for major cryptocurrencies such as Bitcoin and Ethereum. The fact that it is focusing on relatively new projects with strong technical infrastructures such as Sui shows that the company does not want to be limited to popular assets only. This strategic step also reflects the trust in the Sui ecosystem.

The acceptance of ETF applications depends on the approval of regulatory institutions. Institutions such as the Securities and Exchange Commission (SEC), especially in the United States, play a decisive role in this process. If approved, the SUI ETF has the potential to take its place in investors’ portfolios.

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A SUI ETF would theoretically hold SUI tokens or derivatives tracking SUI‘s price. It provides exposure to SUI’s market performance without the need for direct cryptocurrency ownership, simplifying the process for traditional investors who prefer trading through stock exchanges.

Who Is 21Shares and Why Is This Important?

21Shares is a globally recognized issuer of crypto ETPs and has led the way in offering regulated crypto products, particularly across Europe. Their decision to pursue a SUI ETF in the U.S. indicates a strategic push to bring SUI to institutional and retail investors through familiar, compliant channels.

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Registering in Delaware is a key initial step in launching financial products in the U.S., though it does not represent SEC approval. The SEC’s final approval is necessary for the ETF to be listed on national exchanges. Key regulatory concerns often include custody solutions, valuation mechanisms, market surveillance, and investor protections.

What Could This Mean for the SUI Ecosystem?

SUI is the native token of the Sui blockchain, designed for high-throughput and low-latency applications such as DeFi, gaming, and social platforms. Created by Mysten Labs, the project’s core team includes veterans from Meta’s former Diem project.

If the ETF uses a physical model—holding actual SUI tokens—it could directly increase demand. Even without SEC approval yet, the Delaware filing showcases growing institutional interest and may draw wider investor attention to SUI.

Still, it’s important to note that this is just the beginning of a long regulatory path. Approval is far from guaranteed and depends heavily on the evolving stance of U.S. regulators on altcoin-backed ETFs.

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The Chicago Board Options Exchange (CBOE) has made a significant development in the crypto market. The exchange has officially filed a form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to file a SUI ETF application on behalf of Canary.

This application is considered a critical step in bringing crypto assets together with institutional investors in the spot ETF field.

What is the SUI ETF and Why is it Important?

SUI is a Layer-1 blockchain known for its high-performance and parallel processing ability. Aiming to provide faster and more user-friendly experiences in the Web3 world, SUI hosts many DeFi and NFT projects.

Therefore, a spot ETF application for SUI is a clear indication of the interest in such technologies in the traditional finance world.

CBOE and Canary Partnership

Canary is known as a platform working on tokenization and financial products on the Web3 infrastructure. This application made by CBOE to SEC aims to expand Canary’s institutional reach and make SUI more accessible.

How Does the SEC Process Work?

The 19b-4 form submitted by CBOE is the official application method used for the SEC to review changes in exchange rules. If the SEC approves this application, the SUI ETF can start trading on the exchange. This could significantly increase interest and liquidity in SUI.

Is a New Era Beginning in Crypto ETFs?

2024 and 2025 were the years when spot ETF applications came one after another. Following the approvals for Bitcoin and Ethereum, similar applications were made for other Layer-1 projects, indicating that the market is accelerating in the institutionalization process.

The SUI ETF application is also considered to be part of this trend. If approved by the SEC, this could mean opening the way not only for SUI but also for altcoin ETFs in general.

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If approved, this would be the first U.S. ETF to directly hold NFTs, setting a precedent in the market. According to the filing, the fund will also hold digital assets such as SOL and ETH, which are necessary for purchasing, selling, and transferring the fund’s PENGU tokens and Pudgy Penguins NFTs.

Launched in December, PENGU currently has a market cap of approximately $438 million as of March 20, according to CoinGecko. Pudgy Penguins is widely regarded as one of the most popular NFT brands in the space.

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Just two days earlier, on March 18, Canary also filed for the first Sui (SUI) ETF in the U.S., focusing on the native token of the Sui Layer-1 blockchain.

Policy Shifts and Market Reactions

Under President Donald Trump’s second term, the U.S. government has reversed its stance on digital assets, aiming to make America “the world’s crypto capital.” During President Joe Biden’s administration, regulators had initiated more than 100 enforcement actions against crypto firms.

Despite these developments, some analysts remain skeptical about the adoption of ETFs focused on NFTs and memecoins. Crypto researcher Alex Krüger commented on X (formerly Twitter), “Pengu ETF announced. Price barely goes up. New ETFs for crypto assets have become an irrelevant joke.”

On March 20, asset manager Volatility Shares launched two new Solana futures ETFs: SOLZ and SOLT, which offer 1x and 2x leveraged exposure to SOL price movements. Spot Solana ETFs are still awaiting regulatory approval.

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This ETF application reflects Canary’s intention to position the SUI token as a more visible and attractive investment vehicle among crypto assets. In recent months, SUI has gained notable attention from investors, emerging as a key asset in their portfolios. With this step by Canary, SUI will be presented to investors as a tradable, regulated, transparent, and liquid asset on the stock exchange.

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The approval of the ETF application is expected to contribute to the growth of the SUI ecosystem, shaping it as a new financial instrument for both retail and institutional investors. Canary’s move is set to expand investment opportunities for the crypto community and increase the reach of SUI to a broader audience. Additionally, with the regulatory framework of an ETF, SUI will be traded under stricter security and oversight, making it an appealing option for institutional investors.

Meanwhile, following the news, the SUI token has surged by 3%, reaching $2.35. This price increase signals growing market interest in the token and potential optimism surrounding the ETF application.

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This development follows the recent announcement by World Liberty Financial of its strategic partnership with the Sui blockchain, including plans to add SUI to its strategic reserve fund, “Macro Strategy.” Following this partnership announcement, SUI surged over 10%, reaching $3. However, the Canary SUI ETF filing did not have an immediate impact on the price.

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Canary Capital and Grayscale Investments have emerged as the most active asset managers in the alternative crypto investment fund space. In addition to its SUI-focused ETF, the firm is also planning funds that track digital assets like Litecoin (LTC), XRP, Solana (SOL), and Hedera Hashgraph (HBAR).

Furthermore, Canary Capital has submitted an S-1 registration with the SEC for the Canary AXL ETF, which focuses on AXL, the native token of the Axelar Network. If the SEC approves the application, Canary Capital will officially become the first asset manager to introduce a Sui-based ETF in the United States.

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