Key Insights
- •21Shares 2x Long Sui ETF receives approval to list on Nasdaq under the ticker “TXXS.”
- •The ETF has a management fee of 1.89%.
- •SUI price has seen a jump of over 3% and is targeting a rally to $2.
The 21Shares 2x Long Sui ETF has received approval to list and trade on the Nasdaq stock exchange. This approval follows an auto-effective filing through an 8-A submission with the U.S. Securities and Exchange Commission.
This development marks the introduction of the first leveraged Exchange Traded Fund (ETF) offering regulated exposure to the SUI cryptocurrency. Following the news, the SUI price experienced a rebound of more than 3%, breaking above a local trendline.
21Shares 2x Long Sui ETF Gains Approval
According to a recent U.S. SEC filing, Listed Funds Trust submitted a CERT for its 21Shares 2x Long Sui ETF. This filing serves as confirmation of the exchange's approval for the ETF to be listed on Nasdaq.
“We further certify that the security described above has been approved by the exchange for listing and registration upon official notice of issuance.”
The 21Shares 2x Long Sui ETF is set to be listed under the ticker symbol “TXXS” and will provide investors with twice the daily price performance of SUI. The fund carries a management fee of 1.89% and is designed to achieve its stated investment objective on a single-day basis, without seeking to maintain it over longer periods.
First Sui ETF Launched
The 21Shares 2X Long Sui ETF is the first Sui ETF to receive approval for listing and trading, offering investors double the daily total return of SUI. TXXS will provide leveraged exposure to Sui through a familiar ETF structure, representing the first such offering in the U.S. market.
The fund's trading commences today, mirroring the listing approval of its leveraged Dogecoin ETF, which began trading under the ticker symbol “TXXD” on November 20.
The Sui Network acknowledged the approval, stating, “New chapter for Sui investing begins.” The network further commented that the first Sui ETF on public markets will provide amplified and regulated exposure to the SUI cryptocurrency.
In recent news, Sui Network and the payments firm Stripe partnered to launch a yield-bearing USDsui stablecoin, intended to serve as a foundational stablecoin.
Analysis of SUI Price Potential
Crypto analyst Ali Martinez has projected a SUI price target of $2. Martinez suggested that the token could experience a rally, citing a buy signal from the TD Sequential indicator which may indicate a trend reversal.
Sui's price has increased by over 3% in the last 24 hours and 30% over the past month, reflecting bullish market sentiment. At the time of reporting, the price was trading at $1.692, with an intraday low of $1.65 and a high of $1.72.
However, trading volume has seen a decrease of nearly 50% in the past 24 hours. For a sustained rally, the price needs to surpass the 50-day moving average.
Data from CoinGlass indicates mixed sentiment in the derivatives market. Total SUI futures open interest has risen by 0.59%, while the 24-hour futures open interest has decreased by 5.5% to $841 million.