Bitwise Submits S-1 for Spot Sui ETF Trust

Bitwise's S-1 Filing: Bitwise Investment Advisers has submitted a Form S-1 registration statement to the SEC for a proposed Sui ETF, aiming to provide investors with spot exposure to SUI through a brokerage account while managing custody and reporting.

Custody and NAV Mechanisms: The trust will use Coinbase Custody Trust Company as its custodian and will reference the CME CF Sui Dollar Reference Rate for net asset value (NAV), which will be crucial for tracking the ETF's performance.

Share Creation and Redemption Process: The ETF will operate with a creation and redemption mechanism involving baskets of 10,000 shares, allowing authorized participants to transact directly with the trust, which is essential for maintaining share price alignment with NAV.

Staking and Market Competition: The trust plans to stake some or all of its SUI, introducing potential rewards and risks, while competing filings from other issuers indicate a growing demand for SUI exposure despite regulatory uncertainties.