$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 over-the-counter Grayscale Sui Trust (GSUI) into a spot ETF listed on NYSE Arca. Note, this isn’t a brand-new application, but rather an “upgrade channel” for an existing product.
But the real frontrunner already crossed the finish line—21Shares’ 2x leveraged SUI ETF (TXXS) has already begun trading on Nasdaq. Now, US investors can directly use compliant brokerage accounts to make leveraged bets on SUI’s performance. Grayscale missed the “first” spot this time.
The current situation is pretty interesting:
**Already in the race**: 21Shares’ TXXS (leveraged), trading as normal.
**Still waiting in line**: Two spot ETF applications. The SEC’s decision deadline for 21Shares’ application is December 21, which is earlier than Grayscale’s timeline. Whoever gets the approval first will be 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—SEC has always taken a conservative stance on ETFs for coins other than BTC and ETH. Rumor has it that regulators want to establish a “general digital asset ETF framework” first, rather than approving them case by case. Whether SUI gets approved may depend on when this set of rules comes out.
In short: the leveraged version is already on the table, but the spot version—which could really trigger a flood of capital—still needs to wait for the SEC to serve it up. The battle for the first altcoin ETF has just begun.
Do you think 21Shares will get approval first, or will Grayscale catch up later?