21Shares updates Sui ETF with staking details and Nasdaq listing confirmation, boosting SUI price by 2.5% in response to filing.
21Shares has amended its Sui ETF application with important updates, including staking details and confirmation of its Nasdaq listing. This move is seen as a key step in the development of the Sui ETF as the cryptocurrency market awaits regulatory decisions.
The amendments were filed with the U.S. Securities and Exchange Commission (SEC) on October 23 and are expected to provide clarity to potential investors.
Key Updates to the Sui ETF Filing
The amended S-1 filing for the Sui ETF introduced several key updates regarding the structure and operations of the fund.
One of the notable updates was the addition of a detailed section on staking. The new section outlines the trust’s staking model, including the unbonding period, redemption patterns, and performance monitoring by staking services providers.
21Shares also entered into an agreement with Coinbase Crypto Services for staking. Coinbase will handle the validation of transactions for an initial term of two years. This agreement marks an important partnership, as Coinbase will oversee critical operations that could influence the fund’s performance.
The updated filing provides investors with further insight into the trust’s operations and risk management.
Nasdaq Listing and Custodian Arrangements
Along with the staking details, 21Shares confirmed that the Sui ETF will be listed on Nasdaq. This is a significant development as it solidifies Nasdaq’s role as the exchange for listing and trading the Sui ETF shares.
The firm also appointed The Bank of New York Mellon as the cash custodian for the fund, with Coinbase Custody handling the custodial responsibilities.
The listing on Nasdaq offers a high level of credibility and transparency for the ETF, which is crucial for attracting institutional investors.
Other details, such as the transfer and marketing agents, are yet to be disclosed. The confirmation of these custodial arrangements and the exchange listing represent important milestones for the product.
Market Reaction and SUI Price Movement
Following the filing of the amended S-1, the price of SUI, the underlying asset for the ETF, saw a notable increase. Within an hour of the filing, SUI’s price jumped by 2.50%, reaching $2.47. This rise came amid growing interest in the ETF and its potential market impact.
The surge in SUI’s price also coincided with increased trading volume, particularly in the derivatives market. Sui futures saw a 3% increase in open interest, highlighting a positive sentiment among traders.
As the ETF moves closer to approval, it is expected that the demand for SUI may continue to grow, fueling further price momentum.
21Shares’ amendments are a clear indication of its commitment to the crypto market and efforts for regulatory approval. The updates provide more transparency and structure for potential investors as they await the SEC’s final decision.
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