Bitwise has officially submitted a Form S-1 registration statement to the U.S. Securities and Exchange Commission, seeking approval to launch a spot SUI exchange-traded fund.
The filing marks another step in the firm’s broader strategy to expand regulated ETF access beyond Bitcoin and Ethereum into emerging Layer-1 assets.
The registration statement was filed on December 18, 2025, formally initiating the SEC’s review process for what would be known as the Bitwise Sui ETF. If approved, the product would allow investors to gain direct exposure to the spot price of SUI without managing private keys or interacting directly with the underlying blockchain.
Direct Exposure With Institutional Custody
According to the filing, the ETF is structured to track the spot price of SUI, the native token of the Sui Network. The fund would hold SUI directly, rather than using derivatives or synthetic exposure, aligning it with the structure used by recently approved spot crypto ETFs.
Bitwise named Coinbase Custody Trust Company as the custodian for the fund’s digital assets. Coinbase Custody already services several major crypto ETFs and institutional funds, positioning it as a familiar counterparty for regulators and investors alike.
Staking Built Into the ETF Structure
One of the most notable elements of the proposed product is its staking component. The filing outlines a plan for the ETF to stake a portion of its SUI holdings, generating network rewards that would accrue to the trust and ultimately benefit shareholders.
This approach differentiates the Bitwise proposal from earlier spot crypto ETFs that strictly track price performance. By incorporating staking, the fund introduces a yield-generating element tied directly to participation in the Sui network, while still maintaining a regulated ETF wrapper.
Growing Competition in the SUI ETF Market
Bitwise is not alone in pursuing a spot SUI ETF. The filing places the firm alongside other asset managers, including Grayscale, 21Shares, and Canary Capital, all of whom have submitted similar applications.
The increasing number of filings highlights intensifying competition to become the first issuer with an approved spot SUI ETF in the U.S. market. Approval timing will ultimately depend on regulatory review, product structure, and the SEC’s evolving stance on altcoin-based ETFs.
Regulatory Status
At this stage, the Bitwise Sui ETF remains pending approval. The S-1 filing formally begins the SEC’s evaluation process, but no decision timeline has been announced, and the fund is not yet cleared for trading.
If approved, the product would represent another milestone in the expansion of regulated crypto investment vehicles, signaling growing institutional interest in Layer-1 ecosystems beyond Bitcoin and Ethereum.
