Major European cryptocurrency investment firm 21Shares has filed for a spot Sui exchange-traded fund (ETF) in the United States, marking another step in its expansion to the US market.

21Shares on April 30 submitted the Form S-1 registration for a spot Sui (SUI) ETF to the US Securities and Exchange Commission (SEC).

Called the 21Shares Sui ETF, the proposed ETF will issue common shares of beneficial interest by seeking to track the performance of SUI held by 21Shares’ US subsidiary.

The US filing comes a year after 21Shares started trading the 21Shares Sui Staking exchange-traded product in Europe in July 2024, with its first listings on Euronext Paris and Euronext Amsterdam.

No ticker or planned exchange yet

The 128-page filing does not specify on which US exchange the new SUI ETF is expected to debut trading. The ETF also doesn’t have a ticker symbol yet.

“There is no certainty that there will be liquidity available on the exchange or that the market price will be in line with the NAV [net asset value] or the principal market NAV at any given time,” it states.

An excerpt from the S-1 Form for 21Shares Sui ETF. Source: SEC

The filing highlighted that the ETF aims to provide exposure to SUI by holding the tokens directly, without utilizing leverage, derivatives or engaging in speculative trading.

Canary Capital was the first to file for Sui ETF

21Shares is not the first company to file for a Sui ETF in the US. Canary Capital, a US-based crypto investment firm, filed a Form S-1 registration for a spot Sui ETF on March 17.

Subsequently, Cboe BZX Exchange asked US regulators for clearance to list Canary’s Sui ETF in early April.

Sui-based ETPs have already been trading in Europe, with some of such products including 21Shares Sui staking ETP and VanEck Sui ETP.

Related: More than 70 US crypto ETFs await SEC decision this year — Bloomberg

According to the latest CoinShares update, Sui-based ETPs had $400 million in assets under management as of April 25.

Sui (SUI) ETP products had $400 million in AUM as of April 25, 2025. Source: CoinShares

Year-to-date, Sui ETPs have seen $72 million of inflows, with a fresh $20.7 million coming in just last week.

The latest ETF filing by 21Shares is yet another product joining a massive list of crypto ETFs awaiting the SEC’s decision.

Source: Eric Balchunas

According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, there were at least 72 new crypto ETF filings on the SEC’s table as of May 1.

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Ethereum developers are working to improve blockchain interoperability with two new token standards: ERC-7930 and ERC-7828.

“There’s no standard way for wallets, apps, or protocols to interpret or display this information,” decentralized finance (DeFi) ecosystem development organization Wonderland wrote in a May 1 X post. Wallets, decentralized applications (DApps), block explorers and smart contracts follow different rules.

“The result? A messy, inconsistent experience that breaks cross-chain UX,“ Wonderland stated.

Wonderland is a group of developers, researchers and data scientists focused on improving the Ethereum DeFi ecosystem. The organization partnered with multiple DeFi protocols, including Optimism, Aztec, Connext and Yearn.

Wonderland’s ERC-7828 and ERC-7930 explanation post. Source: Wonderland

In the post, the organization shared what was discussed at a recent Ethereum Foundation interoperability working group call. Teddy from Wonderland explained that the current goal is to finalize both token standards within the next two weeks. He added:

“We badly need feedback on the ETH-Magicians forum.”

Related: Vitalik Buterin’s vision for Ethereum: Pectra, Glamsterdam and beyond

Something for people, something for bots

Wonderland explained that “ERC-7930 defines a compact, binary format for interoperable addresses.” This format is machine-friendly and optimized for protocols that require a single representation for all blockchains.

ERC-7828 expands that standard “by adding a human-readable layer, using formats like address@chain, ensuring everything stays clear and simple for users.” Together, the two are designed to enhance the experience of using Ethereum’s inter-blockchain ecosystem.

“Target audience for ERC-7828 is anything that interacts with humans… It’s the text layer,” Teddy said during the call.

Related: Ethereum Fusaka hard fork set for late 2025

Many chains, one address

Put simply, the proposed system would allow the sender to specify the target blockchain when sending a payment address. This would include both a human-readable address@chain format and a machine-readable format for application programming interfaces.

The setup prevents users from sending or receiving assets on the wrong blockchain, which helps prevent crypto losses. Currently, the same address can be used on multiple blockchains within the Ethereum ecosystem, which can lead to confusion.

With the new setup, wallet operation can be blockchain-agnostic, and the address input into the user interface will also determine which blockchain the transaction is directed toward. This would, in turn, reduce friction, as users currently need to switch networks in wallet settings to move from chain to chain.

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The demand for yield-generating strategies around Bitcoin (BTC) is surging, especially from firms seeking liquidity without liquidating their BTC, according to Ryan Chow, co-founder and CEO of Solv Protocol.

During a fireside chat at the Token2049 conference in Dubai on May 1, Chow said institutional interest in Bitcoin yield products has grown exponentially over the past few years.

Initially, generating Bitcoin yield was nearly impossible. However, recent innovations like staking via proof-of-stake (PoS) protocols and delta-neutral trading strategies have made this possible.

Layer-1 and layer-2 advancements, such as Babylon, have made these strategies more viable. Babylon allows BTC holders to earn yield on their assets, which are used to provide security and liquidity for PoS networks.

“Bitcoin as the largest asset class here, you can stake your Bitcoin to secure the network […] that makes us feel like if it is the answer to really bring utility and also use case,” he said.

Ryan Chow, co-founder and CEO of Solv Protocol.

Related: Bitcoin DeFi project Solv to launch native token on Hyperliquid

Lending emerges dominant BTC financial use case

Chow noted that institutions mainly focus on Bitcoin when entering crypto due to its dominance in portfolios. Once they purchase Bitcoin, they lend it out to gain liquidity without selling.

Companies like Coinbase now offer up to $1 million in borrowing against Bitcoin. Platforms like Aave and Compound also enable instant borrowing.

Chow also praised public firms like Strategy (formerly MicroStrategy) for helping normalize BTC as a treasury asset. “MSTR is a very successful derivatives kind of use case based on Bitcoin […] That’s also Bitcoin finance.”

In an April report, crypto fund issuer Bitwise revealed that the amount of Bitcoin held on the books of publicly traded companies rose by 16.1% in the first quarter of 2025.

The company detailed that Bitcoin holdings rose to around 688,000 BTC by the end of Q1, with firms adding 95,431 BTC over the quarter.

The value of the combined Bitcoin stacks rose around 2.2%, reaching a total combined value of $56.7 billion with a price per BTC of $82,445, the firm added.

Looking ahead, Chow said he expects over 100,000 BTC to enter ecosystems like Solana. “There should be more and more use cases come out,” he said.

Related: Solv launches Bitcoin staking token on Solana

Solv launches Sharia-compliant yield products

Chow also mentioned the firm’s recently launched Sharia-compliant Bitcoin yield product called SolvBTC.core, which generates yield by securing the Core blockchain network and engaging in onchain DeFi activities while adhering to Islamic finance principles.

“Sharia compliance is something that we prepared for a long time […] you have to pass it before you really serve them through your platform.”

Source: Solv Protocol

With over 25,000 BTC already locked in Solv’s protocol — worth more than $2 billion — Chow said the firm is now building infrastructure tailored to institutional needs, with an emphasis on regulatory and cultural requirements.

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