according to the website - By Coinwy
The company 21Shares launched the 21Shares 2x SUI ETF on Nasdaq, offering leverage on the Sui token. This marked its debut in the U.S. financial markets with the approval of the U.S. Securities and Exchange Commission (SEC).
This launch reflects the growing institutional interest in Sui and creates a new precedent for layer-one blockchain products, contributing to broader integration of the cryptocurrency market.
The Sui token has entered the US market through the recently launched 21Shares leveraged ETF. This is the first ETF directly related to the Sui ecosystem, providing a double daily increase in its price.
21Shares and the Sui ecosystem, led by Mysten Labs, have reached this milestone. Evan Cheng, co-founder and CEO of Mysten Labs, stated: "This ETF is a vote of confidence in the long-term role of Sui in capital markets and reflects the increased transparency of regulations regarding structured crypto products in the US."
The launch impacts various market participants by presenting a new financial product for active traders. It demonstrates the institutional adoption of the Sui ecosystem, highlighting the importance of corporate-grade stablecoins integrated into it.
The ETF is designed for short-term investment, potentially enhancing the trading dynamics of SUI. Its emergence sheds light on cryptocurrency market strategies, where leveraged products outpace direct investment tools such as spot ETFs.
This event indicates a potential shift in crypto ETF offerings as a significant player enters the US market. This mechanism could lead to increased volatility of related tokens.
Leveraged ETFs may reflect broader market trends, coinciding with the historical rise in popularity of such strategies for lesser-known cryptocurrencies. Changes in the regulatory framework are likely to be driven by the development of product offerings, which will further foster innovation in this sector.
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