TL;DR
- 21Shares added staking details to its filing for a SUI ETF and appointed Coinbase and BNY Mellon as custodians.
- The amended S-1 form explains that Coinbase will manage staking, validate transactions, and transfer rewards to the trust.
- After the announcement, the token rose from $2.40 to $2.47, while open interest in futures increased 7% in 24 hours, reflecting a positive market reaction.
21Shares has updated its SEC filing for the Sui ETF, adding staking details, confirming its Nasdaq listing, and naming its main custodians.
The update was submitted after the reopening of the U.S. government. The Swiss asset manager aims to launch the country’s first regulated fund that combines exposure to SUI with on-chain passive yield generation.
21Shares Appoints Coinbase and BNY Mellon as Custodians
The amended S-1 registration includes a section titled “Staking of Trust’s Assets,” in which 21Shares outlines how it plans to use the trust’s assets to participate in Sui’s network validation mechanism. The company signed a two-year agreement with Coinbase, which will serve as its exclusive staking partner. Coinbase will validate transactions, approve new blocks, and return staking rewards to the trust, allowing investors to benefit indirectly from staking without running nodes or managing their own tokens.
The fund will be listed on Nasdaq under Rule 5711(d), which governs commodity-backed products and ensures higher compliance standards. The Bank of New York Mellon was appointed as the cash custodian, while Coinbase Custody will hold the SUI tokens. The filing does not yet include the ticker or fee details, which will be added in future updates.
Regulatory Compliance at the Forefront
The submission faced several delays due to the partial shutdown of the U.S. government, which paused the review of crypto ETF filings. 21Shares aims to meet all regulatory requirements while creating a channel for institutional investors to gain access to returns generated by the Sui ecosystem.
Following the announcement, the SUI token price rose from $2.40 to $2.47. Open interest in Sui futures climbed 3% in one hour and more than 7% over 24 hours, according to CoinGlass
