In brief
- The first SUI ETFs from Canary (SUIS) and Grayscale (GSUI) debuted on major exchanges Wednesday.
- Both funds offer staking rewards through exposure to Sui’s proof-of-stake mechanism.
- The price of SUI has dropped significantly since Canary’s initial ETF filing in March 2025.
The first SUI ETFs have started trading as fund issuers Canary Capital and Grayscale make their debuts.
The Sui layer-1 blockchain was launched in 2023 as a so-called “Solana killer” because it uses Move, a programming language based on Rust, to provide high-speed transactions, instant processing, and scalability. The network operates on a delegated proof-of-stake consensus mechanism and has an upper limit of 10 billion SUI tokens.
The Canary Stake SUI ETF is now trading on the Nasdaq under the SUIS ticker. Meanwhile, Grayscale converted its Grayscale SUI Trust into a spot ETF under the GSUI ticker on the New York Stock Exchange.
“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, and the next generation of digital experiences,” Krista Lynch, Senior Vice President, ETF Capital Markets, at Grayscale, said in a press release.
The Canary fund will offer staking exposure as well, with CEO Steven McClurg saying in a statement that it allows “investors to benefit from net staking rewards generated through SUI’s proof-of-stake mechanism.”
Canary has been angling to launch its SUI ETF for the better part of a year. In March 2025, Cboe, the company that owns the Chicago Board Options Exchange, filed paperwork with the SEC to help move the process along. At the time, SUI was trading for $1.98.
But at the time of writing, SUI is changing hands for $0.95 after having dropped by nearly 1% in the past day, according to crypto price aggregator CoinGecko. SUI has experienced a significant drawdown alongside the rest of the crypto market as the global market capitalization has fallen to $2.4 trillion. Over the last 30 days alone, SUI is down by nearly 40%.
The SUI network experienced an outage last month that lasted for nearly six hours, marking the network’s second major period of downtime since its 2023 launch.
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