Cboe BZX, one of the largest exchanges in the U.S., has filed for regulatory approval to list an exchange-traded fund (ETF) backed by the SUI token from the Sui Network.
Cboe BZX ETF Request
The request, submitted on April 8, must be reviewed and approved by the U.S. Securities and Exchange Commission (SEC) before the exchange can list any shares of the fund.
Overview of the Sui Network
Sui is a blockchain network designed to streamline onboarding processes for users and is built using the Rust programming language. It currently has a market capitalization of roughly $6.5 billion and an approximate total value locked of $1.1 billion.
Crypto ETF Market and Demand
Since President Donald Trump's inauguration, the SEC has acknowledged numerous applications for new ETFs, including those holding layer-1 tokens and meme coins. However, demand for altcoin ETFs may be lower compared to funds holding core cryptocurrencies like Bitcoin and Ethereum.
Cboe BZX's request for the SUI-backed ETF highlights the growing interest in crypto investments, even amidst uncertainty regarding demand for altcoins.
