Grayscale Pushes SUI ETF Forward: Can SUI Break $1.55 Amid Institutional Moves?

• Grayscale has submitted an updated S-1 filing for its Sui ETF and is moving closer to a listing on NYSE Arca.
• The proposed Grayscale Sui Staking ETF would allow investors to earn yields through staking, alongside working as a regular Sui ETF.
• Multiple firms including Bitwise and Canary Capital are now competing to launch the first spot Sui ETF in the United States.

The race for the first spot Sui ETF is now heating up as major asset managers hurry for first-mover advantage. 

This week on January 26, Grayscale submitted an amended S-1 form to the SEC, and has just brought itself one step closer to launch. 

In all, Grayscale’s filing is showing investors that it is ready to bring this asset to institutional portfolios.

Grayscale Updates Filing

The company’s latest move involves rebranding its existing Sui Trust into the Grayscale Sui Staking ETF. 

If the SEC approves the application, the fund will trade on NYSE Arca using the ticker symbol GSUI. The updated filing also provides new details on how the fund will handle aspects like staking and risk factors. 

This is a big deal for investors who want to buy some Sui without the hassle of handling private keys or wallets. This ETF is important to investors because asides from trading the rice of Sui, it will also generate extra yield through staking.

The dual approach to a Sui ETF could thus make it more attractive to institutions than a regular spot fund.

The firm has also mentioned that The Bank of New York Mellon will handle administration, while Coinbase will be the custodian for the tokens.

Competitors Join the Race

Grayscale is not the only company trying to get a Sui ETF to market, as Bitwise and Canary Capital have also submitted their own applications. The list is now expanding, and it shows a high level of institutional interest in the Sui network. 

Many experts believe that the last year approval of altcoin ETFs like XRP and Solana will make it easier for Sui. And as more firms enter the fray, the pressure on regulators should increase.

The competition has been heavy among these firms, as each issuer is trying to capture the early market before it becomes massive.

While Grayscale has the advantage because it already has an existing trust to convert, ButWise could enter with its low fees and strong network. 

SUI’s Market Performance

Despite the regulatory excitement, the SUI token has faced some price pressure recently. 

It currently trades around $1.44 with a market cap of around  $5.46 billion, and technical analysis shows the asset is trading below several major moving averages. This indicates that Sui is in the middle of a consolidation or downward bias in the short term. 

However, the underlying network is still very active because Sui recently reported over 616,000 daily active users and roughly 4.3 million transactions every single day.

Derivatives data even show that professional traders are still betting on a recovery, because open interest in SUI futures recently jumped by over 7% to reach $728 million. 

This indicates that the big players are taking positions for a rally if Sui does break out soon

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