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The new fund, TXXS, gives traders 2x daily exposure to SUI.
By: Jona Jaupi •
TradFi & Fintech
21Shares on Thursday, Dec. 4, listed a new exchange-traded fund (ETF) offering the first-ever leveraged exposure to Sui (SUI) on the Nasdaq.
The fund, called TXXS, was recently approved by the U.S. Securities and Exchange Commission (SEC) and gives traders double the daily price movement of Sui without holding the token directly.
The ETF is the first product of its kind tied to the Sui ecosystem and arrives as the SEC continues reviewing 21Shares’ separate application for a spot Sui ETF, the firm said in an announcement.
SUI, the native token of the Sui Layer 1 blockchain, is trading at $1.66, down 1.2% on the day. The blockchain currently boasts $976 million in total value locked (TVL), according to data from DeFiLlama.
TXXS closed Thursday at $24.57, unchanged from its opening price, while volume totaled 4,088 shares, according to Market Chameleon.
The move comes as institutional interest in Sui has been rising – according to 21Shares CEO Russell Barlow, the momentum stems from the network’s fast transactions and easy-to-use design.
“With this launch, 21shares is capitalizing on one of the winners rising to the occasion and ushering in the next era of blockchain technology – one dominated by simplicity,” Barlow said. “TXXS serves as a leveraged product providing investors with that access to the drivers of the future of the industry with amplified performance.”
Evan Cheng, CEO of Mysten Labs, the original contributor to Sui, added that the listing also highlights growing demand for more ways to trade Sui, calling Nasdaq’s approval “a vote of confidence.”
The listing follows a busy week for crypto-linked exchange-traded products (ETPs). Also earlier today, WisdomTree launched the world’s first physically backed Lido Staked Ether (stETH) exchange-traded product (ETP).
Dubbed the WisdomTree Physical Lido Staked Ether ETP (LIST), the product is listed in Europe on Deutsche Börse Xetra, SIX, and Euronext, and provides exposure to Lido Staked Ether. Lido is currently the second-largest decentralized finance (DeFi) protocol by total value locked, with over $27 billion.
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