Bitwise has a major move—has submitted Form S-1 to the U.S. SEC, planning to launch a spot Sui ETF product. This ETF is mainly used to track the value of Sui assets held in the Trust (of course, after deducting fees). The underlying Sui assets are managed by a compliant platform, and there are plans to pledge some of the assets in the future.

From the perspective of the Sui ecosystem, this is considered a significant positive. Once approved by the SEC, it will mean that traditional investors can access the Sui market more easily. Additionally, the ETF includes a pledge mechanism, which can create a positive cycle for network security and ecosystem benefits. Now, it all depends on the SEC's approval process.