The global crypto landscape is changing, and new alliances are being formed to position themselves for better market share. For example, 21Shares and the SUI network have inked a new partnership.
21Shares, a leading spot crypto Exchange Traded Fund (ETF) issuer, has partnered strategically with Sui. The alliance aims to expand the Sui network’s reach to billions of users.
21Shares Acknowledges SUI Capabilities
On May 14, Sui Foundation announced the deal, citing it as an avenue to expand global reach. The President of 21Shares, Duncan Moir, mentioned that his company has since launched research into the Sui blockchain. Part of what they discovered is that the network can become one of the most exciting blockchains in the crypto industry.
“….and we’re seeing that thesis play out,” Moir said. “We operate based on conviction but also investor demand, and our planned roadmap with Sui is a reflection of both.”
This collaboration will birth product collaborations, research reports, and other initiatives in the future. It also projects increasing institutional interest in the Sui ecosystem. The blockchain consistently touts its impressive speed, throughput, and scalability.
Backed by these functionalities and features, Sui has become a destination for Real-world Asset (RWA) tokenization, including stablecoins and Decentralized Finance (DeFi).
“We believe Sui has the technical underpinnings, DeFi and developer ecosystems, and institutional alignment to play a central role in crypto for a long time,” 21Shares’ Head of U.S. Business Federico Brokate said.
21Shares Joins Others in the ETF Race
Apart from the partnership with Sui, 21Shares has been trying to list other crypto ETFs besides Bitcoin and Ethereum. In November 2024, it filed with the United States Securities and Exchange Commission (SEC) to list the spot XRP ETF after Canary Capital and Bitwise made a similar move.
By February 2025, it submitted its S-1 registration to pursue a spot Polkadot (DOT) ETF listing with the Commission.
The filing stated that 21Shares Polkadot Trust will track the performance of DOT, the native token for the Polkadot Network. The focus will be on tracking DOT’s CME CF Polkadot-Dollar Reference Rate price without any derivative or leverage components.
21Shares’ recent ETF filing is a Dogecoin fund that will be pegged to the actual DOGE pricing index. The plan is to have Coinbase Custody Trust Company hold Dogecoin in custody for the fund.
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