Bitwise has taken a significant step by filing a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch a spot SUI exchange-traded fund (ETF). This move represents part of the firm”s strategy to expand regulated ETF offerings beyond the traditional domains of Bitcoin and Ethereum, targeting emerging Layer-1 assets.
The registration statement, submitted on December 18, 2025, officially kicks off the SEC”s evaluation process for what will be known as the Bitwise Sui ETF. If the SEC grants approval, this product would provide investors with direct exposure to the spot price of SUI without the need to manage private keys or directly interact with the underlying blockchain.
According to the details in the filing, the ETF is designed to track the spot price of SUI, the native token of the Sui Network. Unlike other ETFs that may rely on derivatives or synthetic exposure, this fund would hold SUI directly. This structure aligns with the recently approved spot crypto ETFs, enhancing regulatory confidence.
In a noteworthy aspect of its proposal, the Bitwise ETF includes a staking component. The filing outlines a strategy for the ETF to stake a portion of its SUI holdings, which would generate network rewards that would then benefit the trust and its shareholders. This feature sets the Bitwise proposal apart from prior spot crypto ETFs that focused solely on price performance. By integrating staking, the fund offers a yield-generating opportunity linked directly to participation in the Sui network while maintaining a regulated ETF framework.
As the filing unfolds, it positions Bitwise among other asset managers also vying for a spot SUI ETF, such as Grayscale, 21Shares, and Canary Capital. The growing number of applications underscores the escalating race to be the first issuer to secure approval for a spot SUI ETF in the United States. The timing of any approval will hinge on the regulatory review process, the structure of the product, and the SEC”s evolving perspective on altcoin-based ETFs.
Currently, the status of the Bitwise Sui ETF remains pending as the S-1 filing initiates the SEC”s scrutiny. No definitive timeline for a decision has been provided, and the fund has not yet received clearance for trading. Should it gain approval, the product would mark a significant milestone in the advancement of regulated cryptocurrency investment vehicles, reflecting an increasing institutional interest in Layer-1 ecosystems beyond Bitcoin and Ethereum.
