21Shares has taken another step towards the launch of its Sui ETF. This time, the Nasdaq stock exchange has filed Form 19b-4 with the US Securities and Exchange Commission (SEC) on behalf of the asset manager to list and trade shares of this fund.
Nasdaq Files 19b-4 To List & Trade 21Shares Sui ETF
A SEC filing has shown that Nasdaq has filed the Form 19b-4 to list and trade shares of 21Shares Sui ETF on its stock exchange. This officially initiates the review process, during which the Commission will approve or deny the application.
As CoinGape earlier reported, 21Shares has shown its intention to offer this ETF when the asset manager filed the S-1 with the SEC earlier this month. This fund will provide institutional investors with exposure to SUI, which is the native token of the Sui network.
The Sui price is in the green amid Nasdaq’s filing, currently trading at around $3.64. The altcoin has surged almost 2% in the last 24 hours. However, it is down 3% in the last seven days.
Nasdaq’s 19b-4 filing comes following the Cetus $223 million hack, which shook the Sui ecosystem last week. However, the team has so far frozen $160 million of the stolen funds and has launched a bounty to recover the rest.
The Sui network released a report yesterday confirming that the hack was due to a bug in Cetus’ math library, rather than a vulnerability in the network or its Move programming language. The network also launched a $10 million fund to boost the ecosystem’s security.
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Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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