Grayscale Sui Staking ETF

What they do

The Trust holds Sui (SUI) tokens and issues shares to investors, primarily in exchange for SUI deposits. It began staking its SUI on February 18, 2026, earning additional SUI as staking consideration, which it retains after fees. The Trust is a passive vehicle, does not use leverage or derivatives, and its shares trade on NYSE Arca under the ticker GSUI.

Revenue drivers

• SUI token holdings — The Trust holds SUI and earns value from changes in the Index Price of SUI. As of December 31, 2025, it held approximately 0.08% of SUI in circulation.
• Staking consideration — Since February 18, 2026, the Trust stakes SUI and earns additional SUI as rewards. A portion is allocated to the Custodian, staking providers, and Sponsor's Staking Fee, with the remainder retained by the Trust.
• Share creations and redemptions — The Trust issues Creation Baskets (10,000 shares) in exchange for SUI deposits and redeems shares for SUI, earning no direct fee but increasing assets under management.

Recent performance

For fiscal year 2025, the Trust reported a net loss of $8.8 million. As of June 30, 2026, total assets were $21.0 million and total liabilities were zero. The Trust's shares began trading on NYSE Arca on February 18, 2026, and it started staking the same day. The Trust noted that prior to uplisting, shares traded at premiums and discounts, but it has begun to meet its investment objective more closely since uplisting.

Strategy

The Trust's stated objective is for share value to reflect the value of SUI held, including staking consideration, less expenses. It began a redemption program on February 17, 2026, and issues shares continuously under its S-1 registration. The Trust does not intend to use leverage or derivatives. It relies on third-party staking providers and the Custodian for security and staking operations.

Risks

• SUI price volatility — The Trust's value depends on the price of SUI, which is highly volatile and could decline significantly.
• Staking rewards variability — Staking consideration is not consistent and depends on Sui Network conditions, reward rates, and the amount staked; staked SUI may also be temporarily inaccessible.
• Regulatory and security risk — If SUI is deemed a security by regulators or courts, the Trust may incur extraordinary expenses or be dissolved.
• Custody and operational risk — The Trust depends on Coinbase Custody Trust Company for cold storage and third-party staking providers; any failure could result in loss of SUI.

Outlook

Management does not provide forward-looking guidance, but the Trust intends to continue issuing shares and staking SUI to earn consideration. The Sponsor may dissolve the Trust at its discretion for various reasons, including regulatory concerns. The Trust's performance will depend on SUI market conditions and staking rewards.