- 21Shares amends Sui ETF filing with detailed staking arrangements and Coinbase partnership.
- Nasdaq confirmed as the exchange for the Sui ETF once approved.
- Custody responsibilities assigned to The Bank of New York Mellon and Coinbase Custody.
21Shares has amended its Sui ETF application, providing critical updates about staking arrangements, exchange listing, and custodians. The changes, filed with the U.S. Securities and Exchange Commission (SEC), reflect the company’s plans to offer a more detailed structure for its spot Sui ETF. This update comes amid growing interest in cryptocurrency ETFs as the SEC continues to review various applications.
Key Updates on Staking Model
One of the significant updates in 21Shares’ latest filing is the inclusion of detailed information about staking. The amendment specifies the staking terms for the assets in the Sui ETF. This includes the unbonding period, which refers to how long staked assets will remain locked before they can be redeemed. The filing also covers redemption patterns, the size of the trust, and how concentrated the assets within the ETF will be.
A noteworthy addition is that 21Shares US LLC has entered into a two-year staking agreement with Coinbase Crypto Services. This partnership outlines that Coinbase will handle staking, validating, and approving blocks of transactions for the ETF. The agreement provides further clarity on the operational side of the Sui ETF.
Nasdaq Listing and Custody Arrangements
Another update in the amended filing is the confirmation that 21Shares intends to list the Sui ETF on Nasdaq. The exchange will serve as the venue for trading shares of the ETF once it is approved by the SEC. In terms of custodianship, the filing also mentions that The Bank of New York Mellon will serve as the cash custodian, while Coinbase Custody will act as the custodian for the assets within the ETF. These custody arrangements are crucial for ensuring the security and management of assets held by the fund.
Despite the updates, the SEC has yet to make a final decision on the approval of the Sui ETF. Previously, the SEC delayed its ruling on 21Shares’ application, citing the ongoing work with major exchanges to establish listing standards for spot crypto ETFs. The delay has created some uncertainty in the market, although the latest filing has generated a positive reaction, with the price of SUI rising by 2.50% within an hour.
The Sui ETF, if approved, will track the performance of SUI based on the CME CF Sui Dollar Reference Rate, offering investors exposure to the price movements of the digital asset. As the SEC continues to review multiple crypto ETF applications, 21Shares is positioning its Sui ETF with a clear strategy for staking and custody, as well as a strong exchange listing plan.
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