Bitwise files S-1 for spot Sui ETF trust

This article was first published on The Bit Journal.

Bitwise Investment Advisers has filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission for a proposed exchange-traded product that would hold SUI and issue shares. The pitch is simple: give investors spot exposure through a brokerage account while the trust handles custody and reporting. The filing adds another Sui ETF proposal to the formal review lane.

The prospectus, filed on December 18, 2025, says the trust seeks exposure to the value of Sui held by the trust, net of expenses and liabilities, with a listing anticipated under a ticker that is still unspecified. That frames a passive product built to track spot value, which is what the market expects when it hears Sui ETF.

Custody and pricing are the first stress tests

The filing names Coinbase Custody Trust Company, LLC as custodian and describes segregated accounts for safekeeping. For NAV, the trust references the CME CF Sui Dollar Reference Rate, New York Variant, calculated by CF Benchmarks from aggregated executed trade flow across constituent trading platforms. These choices will shape tracking quality, so this Sui ETF will be judged on mechanics before narratives.

The 10,000 share basket and market efficiency

Creations and redemptions are described in baskets of 10,000 shares, with authorized participants as the only firms that can transact directly with the trust at that scale. Orders can be filled with in kind SUI or with cash that is used to buy the required SUI amount, with per order fees. This is central to how a Sui ETF aims to keep its share price close to NAV.

Staking introduces a new variable

Bitwise also says the trust intends to stake some or all of its SUI and will use staking agents that operate validators. Staking can add token rewards, but it can also add validator performance risk and slashing risk under certain network conditions. If staking remains, the Sui ETF debate will likely focus on controls, disclosures, and how rewards and costs flow through to shareholders.

A competitive category is forming

Other issuers have already filed for spot Sui ETF products, including Canary Capital in March 2025 and 21Shares in April 2025, and a 2x leveraged SUI-linked fund started trading on Nasdaq in December 2025. That backdrop shows demand for SUI exposure is real, even while the spot lane is still uncertain, and it keeps the Sui ETF filing drumbeat steady.

Conclusion

This Sui ETF filing does not guarantee approval, but it moves the story from speculation to documentation. Custody, benchmark-based NAV, 10,000 share baskets, and a stated staking plan are now on the record, so regulators can respond to specifics rather than slogans. Next, market watchers will look for exchange listing filings and SEC comments that clarify surveillance and investor protections.

FAQs

Question: What did Bitwise file?
Answer: A Form S-1 registration statement for a proposed trust that would issue shares.

Question: Who is listed as custodian?
Answer: Coinbase Custody Trust Company, LLC.

Question: Does the filing mention staking?
Answer: Yes, it says the trust intends to stake some or all SUI via staking agents.

Glossary of key terms

NAV: Net asset value, the per share value of trust assets minus liabilities. 
Basket: A creation or redemption block, set at 10,000 shares in the filing. 
Staking agent: A provider that operates validators to stake tokens on behalf of the trust.

References

SEC

Reuters

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