Investment management company Bitwise has filed a formal application with the U.S. Securities and Exchange Commission (SEC) to launch a new exchange-traded fund (ETF) based on the SUI cryptocurrency from its eponymous network.
This move by Bitwise represents an effort to expand access to this particular digital asset by Wall Street investors. Add to the offering of financial products including digital assets that the company already manages.
The fund, proposed through an S-1 form, not only tracks the price of SUI but also looks at the possibility of betting its assets on SUI. Bringing additional benefits to participants.
The technical proposal details that Coinbase Custody will act as a custodian responsible for the security and isolated storage of digital currencies.
The market reacted immediately to this announcement, Pushing the price of the cryptocurrency from $1.32 to $1.44As seen in the graph.
Sui is a cryptocurrency network that stands out for being designed to provide high scalability, transaction speed, and security for decentralized applications, using a proprietary programming language called Move to speed up transactions.
Bitwise has a comprehensive track record in this field. Currently managing funds based on digital assets Bitcoin, Solana, XRP, Dogecoin, etc.
It should be noted that this is not the first approach of this crypto asset to the US stock market. As reported by CriptoNoticias, 21Shares already manages leveraged products under the ticker TXXS. This new Bitwise initiative reinforces the trend of financial institutions diversifying their portfolios with new digital assets.
(Tag Translation) Altcoin
