Bitwise Asset Management has taken a new step in the growing crypto exchange-traded fund (ETF) space, filing to create a spot Sui ETF with the U.S. Securities and Exchange Commission (SEC). The application marks the firm’s latest move to broaden its digital asset exposure by introducing new ETFs tailored to specific blockchain networks.
On Thursday, Bitwise submitted a Form S‑1 registration statement for the “Bitwise Sui ETF,” the first formal step toward bringing the product to a regulated U.S. exchange. The filing, listed under file number 333‑292227 in the SEC’s EDGAR database, positions SUI among the select tokens vying for spot ETF approval in a market that has so far focused on Bitcoin and Ethereum products.
According to the filing, the Bitwise Sui ETF will track the spot price of SUI, the native token of the layer‑1 Sui blockchain network launched in mid‑2023. Coinbase Custody will serve as the fund’s custodian, continuing its role as a leading crypto ETF storage provider. Bitwise has not yet confirmed the ticker symbol that the ETF will trade under if approved.
Structure and operation of the proposed Sui ETF
Bitwise’s S‑1 filing outlines a structure designed to hold SUI directly rather than through futures or synthetic instruments. The ETF would allow authorized participants to create and redeem shares through in‑kind transfers of the token itself. This structure aims to maintain tighter tracking between the ETF’s market price and SUI’s underlying value while limiting potential slippage.
The company also plans to incorporate staking as part of the ETF framework. A portion of the SUI held in the trust may be used in network validation to earn staking rewards. The filing specifies that these rewards will accrue to the fund and be reflected in its net asset value after management fees and expenses are deducted.
This model would provide investors with direct exposure to on‑chain activity without the operational requirements of self-custody or participation in staking programs.
Regulatory backdrop and timeline
The S‑1 submission follows the SEC’s recent approval of a leveraged SUI ETF from 21Shares, which offers double the daily performance of SUI but does not hold the underlying asset. That approval signals expanding regulatory openness to SUI-linked products, even as true spot ETF approval remains pending.
Under the current SEC framework, introduced through the Generic Listing Standards approved earlier in 2025, ETF reviews may take as little as 75 days. This marks a significant acceleration compared to the prior system, which required individual 19b‑4 approvals and could extend for more than 200 days.
Several other issuers, including Canary Capital, 21Shares, and Grayscale, have also filed for spot SUI ETFs. The decision on the 21Shares application is expected by December 21, potentially making it the first approved spot fund tied directly to SUI.
Bitwise’s growing ETF portfolio
Bitwise continues to expand its ETF portfolio amid a more favorable regulatory environment. Earlier this month, the firm announced the addition of SUI to its Bitwise 10 Crypto Index ETF on the X platform. That addition signals Bitwise’s confidence in Sui’s technical design and its potential for institutional-scale adoption. The firm has described Sui as a blockchain that is “fast, private, secure, and accessible.”
Sui. Designed to make digital asset ownership fast, private, secure, and accessible.
— Bitwise (@BitwiseInvest) December 9, 2025
Now in the Bitwise 10 Crypto Index ETF (NYSE: BITW). pic.twitter.com/FfrF5r6qom
Beyond SUI, Bitwise currently offers spot ETFs for Bitcoin, Ethereum, and XRP. The firm expects significant growth ahead in the crypto ETF segment. Bitwise researcher Ryan Rasmussen told the Bankless podcast that over 100 new crypto ETFs could emerge by 2026 as issuers rush to capture market share. “From here we are going to accelerate forward at ridiculous speed,” he said.
With a market capitalization of roughly $5.33 billion, SUI is the 31st largest cryptocurrency, according to CoinMarketCap data. Spot ETF approval could push its exposure to a broader base of U.S. investors by allowing participation through regulated brokerage channels rather than direct crypto ownership.
Oleksii Shumak
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