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For SUI, it was the fourth.
The 21Shares SUI ETF (TSUI) listed on NYSE yesterday. Clean, regulated, spot exposure to the Sui blockchain token. No leverage. No staking. Just SUI in a wrapper.
Which sounds perfectly reasonable, until you check what already existed.
The Spot SUI ETF Has Arrived. The Party Started Without It.
There is a particular kind of timing that requires genuine talent to achieve. Not the talent of being early. Not the talent of being right. The talent of showing up to your own surprise party three hours late, in the wrong outfit, while everyone else has already had cake and started going home.
The 21Shares SUI ETF, ticker TSUI, listed on NYSE on February 24, 2026. It offers straightforward, regulated, spot exposure to SUI, the native token of the Sui blockchain. No leverage. No staking. Just SUI in a wrapper, ready for your brokerage account.
This would be unremarkable, except for the order in which events occurred.
In December 2025, 21Shares launched TXXS, a 2x daily leveraged SUI ETF on Nasdaq. This made SUI one of the only crypto assets in history to receive a leveraged ETF before a spot one, a distinction previously reserved for XRP and noted by Bloomberg's Eric Balchunas as genuinely unusual. The financial industry, apparently unable to wait for the training wheels version, went straight to the racing bike.
Then, on February 18, Canary Capital and Grayscale launched SUI staking ETFs simultaneously, SUIS and GSUI respectively, offering investors regulated exposure to SUI with approximately 7% staking yield automatically captured on their behalf. Income. From Sui. In an ETF. Before the basic ETF existed.
So, on February 24, when TSUI finally arrived to offer plain vanilla spot exposure, the product landscape for a single Layer-1 blockchain already included: a leveraged version, two staking versions, and a European ETP with staking from 21Shares' own AG entity that has been trading in Amsterdam for some time.
TSUI is, in the most technically accurate sense, the most boring SUI product available in the United States. It is the sensible shoes in a room full of roller skates.
To be fair to 21Shares, the spot product was always the plan. The SEC review process creates its own schedule, and the leveraged vehicle operates under different regulatory mechanics than a spot trust holding actual tokens. The sequencing is a function of the approval pipeline rather than a deliberate decision to do things backwards. The timing simply worked out the way it worked out.
The timing also worked out so that SUI is trading somewhere below $0.95, down approximately 40% on a monthly basis, at the moment the infrastructure for investing in it through regulated vehicles has never been more comprehensive. Debut trading volumes on the staking ETFs launched last week were under $150,000, not a figure that suggests the market was sitting on a coiled spring, waiting for access.
None of this is 21Shares' fault. They have built a genuinely impressive crypto ETP franchise, and TSUI fills a legitimate gap in the US product shelf. Institutional allocators who want clean, auditable spot exposure without the complexity of staking mechanics or the decay risk of leverage now have their vehicle.
It just happens to be a vehicle that arrived at the destination after the leveraged and yield-bearing alternatives had already unpacked, redecorated, and started questioning whether they wanted to stay.
The spot ETF is supposed to be the foundation. The thing you build everything else on top of. In SUI's case, they built the second floor, the third floor, and a rooftop bar first, and then got around to pouring the concrete.
In fairness, the concrete is now very well poured.
Whether anyone wants to move in is a separate question.
TSUI is listed on NYSE. TXXS (2x leveraged) trades on Nasdaq. SUIS (Canary Capital staking) and GSUI (Grayscale staking) launched February 18. None of this is investment advice. If you are taking investment advice from someone who describes ETF product sequencing as architectural metaphor, please widen your research process.
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