Grayscale and Canary Launch First SUI ETFs with Staking Rewards on NYSE and Nasdaq

Two fund issuers have launched the first ETFs linked to the Sui layer-1 blockchain, providing investors with exposure to both SUI tokens and staking rewards. Grayscale converted its Grayscale SUI Trust into a spot ETF trading under GSUI on the New York Stock Exchange, while Canary Capital debuted the Canary Stake SUI ETF (SUIS) on Nasdaq.

Sui, launched in 2023 as a high-speed, scalable blockchain using the Move programming language, has been positioned as a so-called “Solana killer.” The network operates on a delegated proof-of-stake (DPoS) consensus and has a maximum supply of 10 billion SUI tokens. Both ETFs allow investors to gain exposure to staking activity in addition to price movements.

Krista Lynch, Grayscale’s Senior VP of ETF Capital Markets, stated that GSUI provides a convenient way to access SUI’s network and staking rewards, while Canary CEO Steven McClurg highlighted that SUIS allows investors to benefit from net staking rewards generated through Sui’s proof-of-stake mechanism.

Canary Capital had filed initial SEC paperwork with Cboe in March 2025, and the ETF launch follows months of preparation to provide U.S. investors regulated exposure to the network.

SUI Token Performance and Network Reliability

The SUI token has struggled amid broader crypto market volatility. At the time of the ETF launches, SUI was trading at $0.95, down nearly 40% over the past 30 days, following a market-wide pullback that reduced total crypto market capitalization to $2.4 trillion.

The network itself has faced reliability challenges, including a six-hour outage last month, marking its second significant downtime since launching in 2023. Investors in the ETFs will be weighing potential staking returns against the network’s operational history and current price volatility.

Market Implications

The introduction of the first SUI ETFs represents a step toward mainstream institutional access to newer layer-1 blockchains and staking products. However, SUI’s recent price volatility and network outages highlight the risks associated with investing in early-stage blockchain networks.

Both ETFs signal growing interest in combining token exposure with yield via staking, positioning SUI alongside other layer-1 projects in regulated investment products for U.S. markets.