Don't be fooled by the title "Grayscale applies for SUI spot ETF".

Yes, Grayscale did submit S-1 documents to the SEC, but the essence of this matter is to upgrade its Sui Trust (GSUI), which has been trading over-the-counter for a long time, into an ETF product listed on the New York Stock Exchange Arca. This is not a "start", but a "regular" operation.

The real explosive news is actually another: 21Shares' 2x leveraged SUI ETF (ticker TXXS) has started trading on the Nasdaq. Yes, you read that right, it's already trading. American investors can now play SUI with leverage through compliance channels, which is the real "first shot". Grayscale is a step slower this time.

The current situation is like this:

- Landed: 21Shares' leveraged ETF (TXXS), is trading on Nasdaq
- Waiting for approval: Two spot ETF applications are racing - the pure spot version of 21Shares, the deadline given by the SEC is December 21; For the grayscale part, the timeline has to be pushed back

So the real suspense is not "who applies first", but "who gets the spot approval first". December 21 could be a turning point in the entire altcoin ETF battle.

SUI's price has started to fluctuate. But what is more noteworthy is the regulatory logic behind it: the SEC has always been very cautious about ETFs for coins other than BTC and ETH. There is now a saying that regulators may want to build a complete "digital asset ETF approval framework" first, rather than releasing a single currency one by one. This means that whether SUI can be approved or not may depend on when this top-level design will be released.

To put it simply: leveraged ETFs have been sold, but spot ETFs that can really bring large-scale inflows of institutional funds are still stuck in the SEC's approval process. The battle for "whether altcoins can enter the mainstream financial system" has just begun.

Do you think the SEC will give 21Shares the green light on December 21st? Or will it make Grayscale a latecomer?