Crypto index fund manager Bitwise is seeking regulatory approval to launch an exchange-traded fund (ETF) that tracks the SUI token.

On Thursday, the firm filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for the Bitwise SUI ETF. According to the filing, the trust aims to provide investors with exposure to the value of SUI held by the fund, net of operating expenses and other liabilities.

Coinbase Custody Company, LLC has been named as the custodian for the ETF. Details such as the ticker symbol and sponsor fee have not yet been disclosed.

Bitwise is not alone in pursuing a SUI-based ETF. In March, Canary Capital became the first firm to file for a SUI ETF, followed shortly by 21Shares. While none of these products have received SEC approval so far, 21Shares recently launched the first exchange-traded product linked to SUI with its leveraged 21Shares 2x SUI ETF earlier this month.

SUI currently ranks 31st by market capitalization, according to data from The Block. The token is the native asset of the Sui Layer 1 blockchain, a project that originated from Meta’s now-defunct Diem initiative.

The broader crypto ETF market has expanded rapidly in recent months, with new products tracking assets such as XRP, DOGE, and SOL. Under the Biden administration, the SEC maintained a cautious approach toward digital assets, pursuing several high-profile enforcement actions against major industry players.

Under SEC Chair Paul Atkins, however, the agency has shifted toward greater regulatory clarity for digital assets. This includes approving listing standards for certain crypto ETFs, a move designed to streamline the path to market for eligible products.