Canary Capital and Grayscale each listed their SUI exchange-traded fund (ETF) on major U.S. stock exchanges. Both products are unique in that they are structured to include staking returns.
Canary Capital's Canary Stake SUI ETF began trading on the Nasdaq under the ticker SUIS . Grayscale converted its existing Grayscale SUI Trust into a spot ETF and listed it on the New York Stock Exchange (NYSE) under the ticker GSUI .
Offering staking returns… "A network suitable for real-world applications."
“GSUI is an ETP structure designed to provide investors with exposure to SUI and its staking activity,” Krista Lynch, Senior Vice President of Capital Markets at Grayscale ETFs, said in an official press release. “It is a convenient way to invest in networks designed for real-world applications and next-generation digital experiences.”
Canary Capital CEO Steven McClurg also explained, “This ETF will allow investors to directly benefit from the net staking returns generated by SUI’s Proof-of-Stake (PoS) mechanism.”
SUI, the Layer 1 Blockchain That's Gaining Attention as a "Solana Killer"
SUI, a Layer 1 blockchain launched in 2023, utilizes the Rust-based programming language Move to achieve high-speed transaction processing, instant finality, and high scalability. At launch, it garnered attention as a "Solana killer" and utilizes a delegated Proof-of-Stake (dPoS) consensus mechanism. The total issuance limit for SUI tokens is 10 billion.
Canary Capital has been preparing to launch the SUI ETF for about a year. In March 2025, Cboe, the operator of the Chicago Board Options Exchange (Cboe), submitted relevant documents to the SEC, supporting the approval process. At the time, SUI was trading at around $1.98.
At launch, the SUI price was falling, plummeting 40% over 30 days.
However, market conditions at the time of the ETF's launch are not favorable. According to CoinGecko, a cryptocurrency market aggregator, SUI is currently trading at around $0.95, down approximately 1% in the past 24 hours. Along with the overall correction in the global cryptocurrency market, SUI has plummeted by approximately 40% over the past 30 days, bringing the total cryptocurrency market capitalization to around $2.4 trillion.
Meanwhile, Sui Network experienced a network outage last month that lasted approximately six hours. This was the second major outage since its launch in 2023, raising questions about network reliability.
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