Bitwise Asset Management Files for Sui ETF Registration

TLDR

• Bitwise filed Form S-1 for Sui ETF on December 18, 2025.
• The ETF aims to reflect Sui token performance minus expenses.
• Sui is the sole asset underpinning the Bitwise Sui ETF.

On December 18, 2025, Bitwise Asset Management filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) to register the Bitwise Sui ETF. This ETF aims to hold Sui (SUI) directly as its underlying asset. The filing was accepted and is available on EDGAR under file number 333‑292227.

The Bitwise Sui ETF is designed as a trust with shares representing fractional undivided beneficial interests. It is structured similarly to Bitwise’s previous crypto-related products such as the Bitwise Bitcoin ETF and the Bitwise 10 Crypto Index ETF. The primary aim is to reflect the performance of the Sui token, minus expenses, mirroring approaches used in other crypto exchange-traded products (ETPs) previously filed by Bitwise.

Initial Filing Details and SEC Oversight

The U.S. SEC now reviews the Bitwise Sui ETF’s S-1 filing, which was accepted on December 18, 2025, at 11:27:17 ET. The ETF is filed under the Securities Act of 1933, with Bitwise Sui ETF as the filer name and a CIK number of 0002101730. Bitwise has included all critical financial and structural details in their S-1 filing, describing the ETF’s trust as a Delaware statutory entity. The filing seeks to list the ETF shares on a major national securities exchange in due time.

The S-1 further indicates a plan to seed shares against contributed SUI or cash, depending on market demand from authorized participants. Other than these fundamentals, the S-1 does not outline grants or ecosystem funding for Sui via the ETF. The focus remains on market-driven asset management processes.

Understanding the Sui Token in the ETF Context

The Sui (SUI) token is the sole asset underpinning the Bitwise Sui ETF. Sui is a Layer-1 blockchain token, primarily used for gas fees, staking, and governance within its ecosystem. Bitwise’s S-1 makes no reference to other digital assets like Bitcoin (BTC) or Ethereum (ETH) as part of the ETF, although they are mentioned as examples in the context of other pre-existing ETPs.

The ETF is singularly focused on offering exposure to Sui’s market performance. No insights into Sui’s on-chain data such as total value locked (TVL) or liquidity pools are presented within this filing. Instead, the S-1 outlines reliance upon reference markets to value holdings and calculate the ETF’s net asset value (NAV).

How This Fits Within Cryptocurrency ETP Ecosystem

The structure and risk considerations outlined in the Bitwise Sui ETF’s S-1 align closely with those of earlier spot Bitcoin ETPs. This suggests Bitwise is applying a tried-and-tested trust format previously used for major digital assets. Key risks emphasized in the filing include market volatility, regulatory uncertainties, and potential classification issues, echoing concerns in earlier crypto ETP discussions.

This approach places the Sui token strategically alongside more established crypto assets like Bitcoin and Ethereum from an investment product architecture standpoint. However, it is crucial to note that this does not infer regulatory equivalence among these assets.

Current Discussions and Future Outlook

As of the filing, the official source material related to the Bitwise Sui ETF is limited to the SEC’s Form S-1. No additional public statements or endorsements from Bitwise executives have been identified. Similarly, the crypto community’s response remains largely within the realm of secondary news reports and social media discussions.

The Form S‑1 on SEC EDGAR remains the primary detailed source outlining the Bitwise Sui ETF, its structure, and its intended relationship with the SUI token.

Source: SEC Filing

To explore further details on this filing, one can access the SEC Filing: Bitwise Bitcoin Strategy ETF Registration Statement and additional Bitwise Bitcoin Strategy ETF Registration Details on the SEC website.