21Shares Launches First Leveraged SUI ETF On Nasdaq After SEC Approval

• Sui’s price rose 1.3% in the last hour but fell 0.6% over 24 hours.
• The firm also filed for a U.S. spot SUI ETF in May, currently under SEC review.
• Sui currently has a market capitalization of over $6 billion.

21Shares on Thursday launched the first leveraged SUI ETF (TXXS) on Nasdaq after receiving approval from the Securities and Exchange Commission (SEC).

The ‘21Shares 2x SUI ETF’ offers leveraged exposure to Sui. It aims to deliver 200% of the token’s daily performance through derivatives. Like other leveraged products, it is structured for traders seeking amplified returns linked to Sui’s price movements.

At the time of writing, Sui’s price had gained 1.3% over the last hour, though it was still down 0.6% over the past day. On Stocktwits, retail sentiment around the altcoin trended in ‘bullish’ territory, accompanied by ‘high’ levels of chatter. 

21 Shares Plans SUI Spot ETF Debut

The leveraged fund launch follows 21Shares’ May filing for a spot SUI ETF, which is still under review by the SEC. The proposed spot ETF would provide direct exposure to the SUI token, held in custody by Coinbase, and is aimed at institutional investors seeking access to the Sui ecosystem.

The filing also announced a “strategic partnership” with the Sui Layer 1 blockchain, promising product collaborations, research reports, and other initiatives. Canary Capital has also filed for a spot SUI ETF in the U.S. market.

Sui is a Layer 1 blockchain developed by Mysten Labs, founded by former Meta Libra employees, using the Move programming language. SUI currently has a market capitalization of over $6 billion, according to CoinGecko.

Read also: Tom Lee Predicts Ethereum Will Outperform Bitcoin, Says Crypto Prices Have ‘Likely Bottomed’

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