SUI Goes Prime Time: First Spot ETFs Hit the Market with Staking Yield

Reading Time: < 1 minute

Investors can now gain direct exposure to the SUI token through two newly launched spot exchange-traded funds. Canary Capital and Grayscale both debuted their funds on Wednesday, offering a novel feature: the ability to earn staking rewards within an ETF wrapper.

The Canary Stake SUI ETF, trading as SUIS on Nasdaq, allows shareholders to benefit from the network’s proof-of-stake mechanism. The fund will track the token’s real-time price and distribute the net rewards from staked SUI to the fund, creating a potential income stream alongside price appreciation.

Grayscale’s parallel launch sees its fund, GSUI, commence trading on NYSE Arca. By converting its previously existing trust into an ETF, Grayscale provides investors with enhanced liquidity and a more transparent structure. This strategic shift aligns the SUI product with the firm’s other converted crypto funds.

Sui functions as a Layer 1 blockchain, with its native SUI token serving as the lifeblood of its ecosystem. It is used to pay for gas fees and execute smart contracts. The asset currently sits among the top 50 cryptocurrencies by value, boasting a market cap of approximately $3.7 billion.