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21Shares seeks SEC approval for Spot Sui ETF in US market

  • The proposed ETF would provide direct exposure to SUI’s market price.
  • The fund does not include a staking component, in contrast to similar applications from other issuers such as Canary Capital.
  • The Sui ETF proposal adds to a wave of more than 70 crypto ETF filings under SEC review.

Asset manager 21Shares has filed an S-1 registration with the Securities and Exchange Commission to launch a spot exchange-traded fund tracking Sui (SUI), while also announcing a strategic collaboration with the blockchain network.

The proposed ETF would provide direct exposure to SUI’s market price, with assets held in custody by Coinbase, according to the filing.

Its daily NAV will be based on a benchmark index tracking spot prices, and like other US-approved crypto ETFs, share creations and redemptions would be processed in cash, not in-kind.

Notably, the fund does not include a staking component, in contrast to similar applications from other issuers such as Canary Capital, which has also filed for a spot Sui ETF with staking.

21Shares also announced on Thursday that it has entered into a “strategic partnership” with the Layer 1 network, aimed at expanding its global reach amid rising interest in the Sui ecosystem. 

SUI ETPs in Europe

Sui-based exchange-traded products (ETPs) have gained significant traction in Europe, with offerings such as the 21Shares Sui Staking ETP and the VanEck Sui ETP already available to investors.

The US filing comes roughly a year after 21Shares launched the 21Shares Sui Staking ETP in Europe in July 2024.

According to the latest data from CoinShares, these Sui-linked investment vehicles had a combined $400 million in assets under management as of April 25.

Investor interest in the Sui ecosystem appears to be accelerating.

Year-to-date, Sui-based ETPs have attracted $72 million in net inflows, including a notable $20.7 million influx in just the past week.

SUI currently holds a market cap of $12.3 billion, ranking it as the 11th largest cryptocurrency globally.

ETF race expands

The Sui ETF proposal adds to a wave of more than 70 crypto ETF filings under SEC review.

Asset managers such as Bitwise, Grayscale, Franklin Templeton, and REX Shares have submitted filings for spot ETFs tied to Solana, XRP, Dogecoin, Cardano, Avalanche, Hedera, Litecoin, and Polkadot.

21Shares, a Switzerland-based manager, is already active in the US market through its spot Bitcoin and Ethereum ETFs, launched in partnership with Ark Invest.

It has recently expanded its ETF ambitions, submitting applications tied to XRP, Solana, Dogecoin, and Polkadot.

According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, the Solana and Litecoin ETF proposals lead with a 90% chance of approval, followed by XRP (85%), and Dogecoin and Hedera (80%).

The growing flurry of filings reflects a more permissive regulatory environment under the Trump administration, with Paul Atkins, a long-time industry ally, now chairing the SEC.

The agency has dropped multiple lawsuits and initiated public dialogue with crypto firms, indicating a departure from the stance of former Chair Gary Gensler.

 

The post 21Shares seeks SEC approval for Spot Sui ETF in US market appeared first on CoinJournal.

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Kuwait launches crackdown on crypto miners over power grid concerns

  • Kuwait has launched a crackdown on illegal crypto mining.
  • The coordinated effort targeted residential properties suspected of being used as illegal crypto mining hubs.
  • Some suspects have been released on bail of 500 Kuwaiti dinars.

Kuwait has launched a sweeping crackdown on illegal cryptocurrency mining operations, with around 60 individuals currently under investigation and more expected to face legal action in the coming weeks.

The move follows a major security operation aimed at curbing the unlicensed use of electricity for crypto mining, which authorities say is putting immense strain on the national power grid and threatening public infrastructure.

The operation was conducted last Friday.

The coordinated effort targeted residential properties suspected of being used as illegal crypto mining hubs.

According to Kuwait’s Cabinet, the raids are part of ongoing national efforts to combat financial crimes, protect the energy sector from unauthorized consumption, and preserve public safety.

Officials noted that illegal mining setups often consume enormous amounts of electricity, causing grid overloads, power cuts, and disruptions to both residential and commercial areas.

The Public Prosecution, via the Commercial Affairs Prosecution, has ordered the continued detention of several individuals, including property owners who rented out homes for mining operations.

Some suspects have been released on bail of 500 Kuwaiti dinars.

Authorities reportedly confronted the accused with evidence of large, unexplained financial deposits—some earning as much as 3,000–4,000 dinars daily from anonymous sources.

Despite denying the charges, the defendants were linked to seized crypto mining equipment and criminal investigation reports.

To disrupt ongoing illicit mining activities, the Ministry of Electricity has begun cutting off power to identified sites.

Reconnection will only be approved after clearance from the Ministry of Interior.

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Analysts raise red flags on ALPACA’s 1,000% rally after delisting news

  • Analyst Budhil Vyas flagged the rally as “liquidity hunting” by whales.
  • Traders used spot buys and futures to manipulate demand and price.
  • Similar patterns are seen in South Korean exchange delistings like Upbit.

Alpaca Finance (ALPACA) is at the centre of controversy after a sudden 1,000% rally in the days following Binance’s announcement to delist the token.

While such a notice usually triggers a steep decline in asset value, ALPACA’s price trajectory defied market norms.

The spike has raised concerns over potential manipulation, with experts pointing to deliberate strategies by large traders to drain market liquidity.

Binance stated on 24 April that it would delist ALPACA and three other assets, effective 2 May.

In contrast to the expected outcome, ALPACA’s value rose sharply, then dropped 34.5% in a single day.

ALPACA trades at $0.55 after extreme volatility

Data from BeInCrypto shows that ALPACA traded at just $0.02 before the delisting announcement.

It then surged as high as $1.27 before falling back to $0.55 at the time of writing.

The spike was not mirrored by the other three tokens set for delisting, which all saw declines.

This has led many analysts and traders to believe that the token was targeted by entities engaging in aggressive liquidity extraction.

Market analyst Budhil Vyas described the activity as a classic example of “liquidity hunting.”

He explained that whales may have initially driven down the price to spark panic and forced liquidations.

Then, shortly before the two-hour delisting deadline, they executed a rapid 15X price pump.

The aim, he said, was to drain remaining market liquidity before the token became illiquid post-delisting.

According to Vyas, no substantial accumulation occurred, meaning the rally was not based on investor confidence or platform developments.

Futures trading tactics fuelled the rally

Further details were shared by crypto trader Johannes in a recent X post, highlighting how the structure of perpetual futures markets may have enabled the ALPACA price rally.

Traders allegedly took large long positions in futures while simultaneously buying ALPACA in the spot market to artificially boost demand.

Since they held a majority of the supply, selling pressure was limited, allowing the price to climb significantly.

This tactic works because perpetual futures contracts often remain liquid even when the underlying asset is delisted from spot exchanges.

When the token is removed from Binance, forced closures of positions can occur with minimal price slippage, allowing profits to be locked in.

The approach depends on short-term market dominance and access to large capital reserves, effectively crowding out retail participants.

Similar trends were observed in South Korea

The ALPACA case is not isolated. DeFi analyst Ignas noted that similar behaviour has occurred during token delistings on South Korean exchanges like Upbit.

In such cases, tokens experience sudden price pumps as retail investors rush to exit positions, or speculators try to capitalise on restricted inflows before the trading window closes.

One example cited was Bitcoin Gold (BTG), which surged 112% after Upbit announced its removal from the platform.

Ignas said delisting announcements can now generate as much speculative activity as token listings.

This dynamic has caught the attention of analysts who believe that “pump → delist” cycles may be emerging as a repeatable pattern in some trading circles.

These trends suggest a growing need for investor education and possibly tighter regulation, particularly when exchange decisions can be exploited for strategic gains.

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