First spot SUI ETFs debut as Canary Capital and Grayscale launch funds with staking

Two spot SUI exchange-traded funds hit the market on Wednesday, offering investors direct exposure to the token's price along with the ability to earn staking rewards.

Canary Capital launched its Canary Stake SUI ETF under the ticker symbol SUIS on the Nasdaq exchange. The investment firm said the fund will track the spot price of SUI and will also allow investors to benefit from net staking rewards through SUI's proof-of-stake mechanism. 

"The Canary Staked SUI spot ETF (SUIS) brings exposure to SUI in a registered, exchange-traded structure, while also enabling investors to benefit from net staking rewards generated through SUI’s proof-of-stake mechanism," said Steven McClurg, CEO at Canary Capital, in a statement.

Grayscale also debuted its SUI fund on Wednesday, converting its trust into an ETF. The new fund will trade under the ticker symbol GSUI on NYSE Arca.

Sui is a Layer 1 blockchain primarily developed by Mysten Labs. SUI is the native token of the blockchain and is used to pay for transaction fees, power smart contract execution, among other uses. The token currently ranks 31st by market capitalization at approximately $3.7 billion, according to The Block's price page.

ETF issuer 21Shares brought the first ETF to market tracking the price of SUI in a leveraged form with its 21Shares 2x SUI ETF. Dozens of ETFs were launched this past year, including ones tracking DOGE, LTC, XRP, and SOL in the wake of a friendlier regulatory environment under a new presidential administration.

"Today marks an important milestone for both institutional and retail access to the Sui ecosystem," said Adeniyi Abiodun, co-founder and CPO of Mysten Labs. "Sui was built to serve as the foundation for a new global economy, and this launch unlocks exposure for investors who believe in the technology powering that innovation."