21Shares has launched the first leveraged exchange-traded fund linked to the Sui blockchain project, the company announced, with the 2x Leveraged SUI ETF now trading on the Nasdaq following approval from the U.S. Securities and Exchange Commission.

The product, delayed back in September, represents the first ETF tied to the Sui network, according to the company. The fund offers investors twice the daily performance of the underlying Sui token.

The SEC approval marks an expansion of cryptocurrency-related investment products available on traditional U.S. exchanges. 21Shares, a digital asset management firm, has previously launched multiple cryptocurrency ETFs in various markets.

The Sui blockchain is a layer-1 proof-of-stake network designed for high-speed transactions. The new leveraged ETF provides institutional and retail investors with exposure to the Sui ecosystem through a regulated exchange-traded vehicle.

Leveraged ETFs use financial derivatives and debt to amplify the returns of an underlying asset, though such products also magnify potential losses. The 2x leverage means the fund aims to deliver twice the daily return of Sui’s price movements, whether positive or negative.

The launch comes amid growing institutional interest in cryptocurrency investment products, with multiple firms seeking regulatory approval for various digital asset ETFs in the U.S.

21Shares is hoping to launch a spot Dogecoin ETF in the U.S., having recently filed an amendment that reveals the fund’s fee structure.