New York - On February 24, 2026, 21shares began trading TSUI, a spot exchange-traded fund that provides exposure to the Sui token, on the Nasdaq. The fund's listing gives U.S. investors a regulated, high-liquidity channel to access Sui through conventional brokerage accounts, subsequent to approval from the U.S. Securities and Exchange Commission.
The listing represents a notable step for both the Sui ecosystem and 21shares. For investors, the product presents a spot-based structure that tracks the underlying SUI token, enabling direct exposure without requiring retail or institutional participants to transact on crypto-native venues. For Sui, the ETF expands regulated onramps in the world's largest capital market and signals another layer of institutional interest in the protocol and its use cases.
Sui’s technical profile and market positioning
The Sui network is presented as a full-stack layer-1 blockchain positioned for modern global finance and payments. Its core technical characteristics, as described by Sui stakeholders, rest on the Move programming language and an object-centric execution model. According to the materials released alongside the TSUI launch, this design enables parallel execution across the network, sub-second finality for transactions, and horizontally scalable throughput.
Those properties underpin the use cases Sui highlights: payments, tokenization, support for stablecoins, BTCfi, and decentralized finance applications intended to operate at internet scale. The architecture is framed as addressing several of the frictions associated with earlier-generation blockchains by enabling faster settlement and higher transaction concurrency.
Sui also traces its origins to a group of engineers who worked on Meta’s Diem and Libra initiatives. The founding team narrative is included in the ETF announcement, which positions Sui as a payments-oriented network whose founders sought to move money as freely as messages.
21shares’ role and ETF structure
21shares, which has built a suite of regulated crypto exchange-traded products globally, is the sponsor of TSUI. The firm is described in release material as having a track record of creating crypto ETPs and bringing digital-asset exposure into traditional markets. In December 2025, the firm launched the U.S.'s first leveraged ETF tied to SUI; TSUI is presented as a complementary product that uses a straightforward, physical spot-based approach rather than leverage.
The fund’s structure is intended to offer both institutional and retail investors a regulated vehicle for direct exposure to SUI. As a spot fund, TSUI is tied to the underlying SUI token rather than derivatives or synthetic exposure, with custody arrangements and market-making mechanisms designed to support liquidity. The announcement notes that the fund is not actively managed and will not attempt to mitigate volatility in SUI’s market price. As such, investors in TSUI will gain exposure to the token’s market movements without the rights that accompany direct token ownership.
Institutional interest and ecosystem momentum
The ETF’s approval and commencement of trading arrives as a range of institutional actors have either released or announced products and initiatives tied to Sui. The release lists Bitwise, Canary Capital, Franklin Templeton, Grayscale, and VanEck among firms with institutional-grade products or plans related to Sui. These developments are framed as evidence of growing institutional engagement with the network.
Evan Cheng, Co-Founder and CEO of Mysten Labs, the original contributor to Sui, commented on the TSUI launch in the announcement: "TSUI marks yet another widely-available access point to Sui, leveraging the industry’s preeminent tech stack to support global payments use cases and financial applications at scale. In a little more than two years, Sui has made significant inroads into payments and cross-border settlement, which has transformed it into one of the world’s most robust onchain economies and attracted the interest of leading institutions like 21shares as a result." This quote frames the ETF as an access point that builds on Sui’s technical capabilities and the protocol’s application focus.
Duncan Moir, President of 21shares, also provided remarks in the release: "Following our successful launch of a leveraged SUI product, the introduction of TSUI represents the next step in expanding access to Sui through a straightforward, spot-based structure. Sui’s rapid ecosystem growth, technical strength, and institutional relevance were clear to us early on. We are pleased to provide U.S. investors with transparent tools to access this next-generation blockchain." Moir’s statement links the firm’s prior leveraged SUI product to the rationale for offering a spot ETF that broadens market access.
Investment mechanics and investor considerations
TSUI is designed to be bought and sold through brokerage accounts on Nasdaq in the same manner as other listed ETFs. As a spot fund, the product seeks to reflect the performance of the underlying SUI token. However, the legal and marketing disclosure accompanying the launch underscores that the fund is not a direct investment in the token itself, and investors will forgo certain rights that come with direct SUI ownership.
The documentation explains that shares typically trade at market prices, which can differ from net asset value, and that shares are not individually redeemable from the fund except through authorized participants who transact in creation units. The prospectus and related materials note that if an active trading market for shares does not develop or continue, the market prices and liquidity of TSUI may be adversely affected.
Risk profile highlighted in disclosures
The materials released with the fund launch contain detailed risk disclosures. The fund warns about the substantial volatility SUI has experienced and may continue to experience. The text emphasizes that SUI is a relatively new asset class, that the market for SUI is subject to rapid change and uncertainty, and that SUI is largely unregulated, potentially increasing vulnerability to fraud and manipulation.
Specific risks noted include significant price volatility and potential lack of liquidity in the SUI market, the risk of theft, and the possibility that the value of an investment in the fund could decline substantially, including to zero. The documents also caution that actions and statements by influencers and media, shifts in SUI supply and demand, and other factors can drive rapid price swings. Investors are reminded that shares in the fund are not FDIC insured and have no bank guarantee.
Additional operational risks include the custody risk associated with the fund’s SUI holdings. The disclosure stresses that failure by the SUI custodian to exercise due care in safekeeping could result in losses to the fund, and shareholders cannot be assured that the custodian will maintain adequate insurance for the digital assets held on behalf of the fund.
How to learn more and official contacts
The announcement points readers to Sui’s website for more information about the network and its ecosystem. For fund-specific materials, the prospectus for TSUI is provided through 21shares' product pages, and investors are advised to read the prospectus in full before investing. The marketing agent for the fund is listed as Foreside Global Services, LLC, and 21Shares US LLC is named as the sponsor. The press materials include dedicated media contacts for both the Sui Foundation and 21shares.
Contextual summary
TSUI’s Nasdaq debut on February 24, 2026, brings a regulated, spot-based vehicle for SUI exposure to U.S. investors. The fund reflects 21shares' ongoing efforts to bridge traditional capital markets and crypto, and it arrives amid a cluster of institutional initiatives tied to Sui. The public communications that accompanied the launch reiterate Sui’s technical claims - Move-based development, an object-centric model, parallel execution, sub-second finality, and horizontal scalability - and position the network as built for payments and scalable finance. The documentation makes clear the fund is not an active manager and carries the distinct market and custodial risks that accompany an investment tied to a relatively new and volatile digital asset.
Investors are reminded through the accompanying disclosures to carefully weigh the fund’s objectives, fees, and risk factors, and to consult the prospectus for more comprehensive information before making investment decisions.