Canary, Grayscale Sui ETFs Hit US Markets With Staking Rewards
Canary Capital and Grayscale have launched the first exchange-traded funds (ETFs) offering exposure to Sui (SUI), a layer-1 blockchain positioned as a high-speed, scalable alternative to Solana. Sui operates with a delegated proof-of-stake mechanism and a cap of 10 billion SUI tokens, utilizing the Move programming language for efficient transactions. The Canary Stake SUI ETF trades under SUIS on Nasdaq, while Grayscale’s SUI Trust has converted into a spot ETF (GSUI) on the NYSE. Both ETFs provide investors exposure to SUI and its staking rewards. The SUI token has declined significantly, trading at $0.95 after falling nearly 40% over the past month amid a broader crypto market downturn. Sui has also faced reliability issues, with a six-hour outage last month—its second major downtime since its 2023 launch.
