$SUI $LUNC $ETH

Grayscale has made a move, but this time, they're not the first.

Their S-1 filing has already been submitted, aiming to convert the OTC Grayscale Sui Trust (GSUI) into a spot ETF listed on NYSE Arca. Note that this isn't a brand-new application, but rather an "upgrade pathway" for an existing product.

But the real frontrunner has already crossed the finish line—21Shares’ 2x leveraged SUI ETF (TXXS) has already started trading on Nasdaq. Now, U.S. investors can directly bet on SUI’s price movements with leverage through compliant brokerage accounts. This "first" spot is one that Grayscale didn't claim.

The current situation is rather interesting:

**Already running:** 21Shares’ TXXS (leveraged), actively trading.
**Still in the queue:** Two spot ETF applications. 21Shares' is up for an SEC decision by December 21, which is earlier than Grayscale’s timeline. Whoever gets approval first will become the trailblazer for altcoin ETFs.

The market is watching this date closely. SUI’s price has already started to fluctuate, but the game behind the scenes is more complex—when it comes to ETFs for coins other than BTC and ETH, the SEC has remained very conservative. Rumor has it that regulators want to first set up a “universal digital asset ETF framework” instead of approving them one by one. Whether SUI will get through may depend on when these rules are established.

Simply put: the leveraged version is already on the table, but the spot version—which could really trigger a flood of capital—still has to wait for the SEC to serve it up. The battle for altcoin ETFs has only just begun.

Do you think 21Shares will get approval first, or will Grayscale stage a comeback?