First-Ever Spot SUI ETFs Begin Historic Trading As Grayscale And Canary Capital Debut Staked Funds ⋆ ZyCrypto

On Wednesday, two spot SUI exchange-traded funds (ETFs) went live on major U.S. exchanges, giving investors direct exposure to the token’s price while also enabling them to capture staking rewards.

Grayscale And Canary Capital SUI ETFs Hit US Market

Grayscale Investments rolled out its SUI ETF on Feb. 18, converting its closed-end trust into a spot fund. The Grayscale SUI Staking ETF trades on NYSE Arca under the ticker symbol GSUI.

Operating as a passive investment vehicle, the fund seeks to mirror the value of SUI it holds, including any additional SUI earned through staking once eligibility requirements are satisfied.

The ETF carries an annual management fee of 0.35%, though Grayscale is waiving this fee for the first three months or until the fund’s assets under management reach $1 billion.

Krista Lynch, Grayscale’s SVP of ETF Capital Markets, said that the launch of GSUI represents a milestone in bringing exchange-traded access to the Sui ecosystem.

“GSUI is structured to provide investors with exposure to SUI and its staking activity through an ETP, offering a convenient way to gain exposure to a network designed for scalable, real-world applications,” Lynch noted.

SUI, a decentralized layer-1 blockchain designed for rapid smart contract deployment, was launched by Mysten Labs in 2023 as a so-called “Solana Killer”. The blockchain’s native cryptocurrency is used to cover transaction fees and support other network functions. According to CoinGecko, SUI currently ranks 31st on the crypto leaderboard with a $3.7 billion market capitalization.

Meanwhile, the Canary Stake SUI ETF is now trading on the Nasdaq exchange under the ticker symbol SUIS. Just like Grayscale’s ETF, Canary Capital’s SUI ETF also gives investors staking exposure via the blockchain’s proof-of-stake mechanism.

“The Canary Staked SUI spot ETF (SUIS) brings exposure to SUI in a registered, exchange-traded structure, while also enabling investors to benefit from net stalking rewards generated through SUI’s proof-of-stake mechanism,” Canary CEO Steven McClurg said in a statement.

The Sui network operates on a delegated proof-of-stake model, allowing token holders to delegate their assets to validators that process and confirm transactions. Historically, staking yields have averaged between 1.7% and 1.9% per year after fees.

SUI is trading at $0.9473 after slipping roughly 2.7% over the last 24 hours, according to data from CoinGecko. The token has faced sustained selling pressure alongside the broader crypto market, which has seen total global market capitalization decline to $2.38 trillion. Over the past 30 days, SUI has fallen by circa 39.8%, reflecting the wider market downturn.