Grayscale Sui Staking ETF (GSUI) is a digital asset investment trust that holds SUI tokens on behalf of shareholders and earns additional SUI through staking on the Sui Network. The Trust generates income by staking its SUI holdings via Coinbase as custodian, with a staking arrangement formalized through a Staking Addendum dated October 6, 2025. Grayscale Investments Sponsors, LLC, a subsidiary of Grayscale Operating, LLC (itself a subsidiary of Digital Currency Group), serves as Sponsor, headquartered at 290 Harbor Drive, 4th Floor, Stamford, Connecticut. The Trust commenced operations on August 1, 2024. Authorized Participants Jane Street Capital, LLC and Virtu Americas LLC facilitate share creation and redemption as of February 18, 2026. The Sui Foundation, Ltd. held 80.63% of beneficial ownership of Trust shares as of the filing date, making it a heavily concentrated holder. The CoinDesk Sui Benchmark Rate serves as the pricing index as of December 19, 2025. Audit fees totaled $155,000 for the year ended December 31, 2025 and $67,600 for the period August 1, 2024 through December 31, 2024.

Revenue model

The Trust accrues SUI through staking rewards generated by delegating holdings to validators on the Sui Network, with Coinbase acting as custodian under a Staking Addendum. The Sponsor charges a management fee as is typical for Grayscale trust structures, though the specific fee rate is not detailed in the excerpts provided.

Products and services

A single-asset staking trust holding SUI tokens. Shares represent a proportional interest in the Trust's SUI holdings, including staking rewards accumulated over time. Pricing is based on the CoinDesk Sui Benchmark Rate as of December 19, 2025.

Customers and end markets

Investors seeking regulated exposure to SUI and SUI staking yields through an exchange-traded vehicle. As of the filing date, the Sui Foundation, Ltd. held 80.63% of beneficial ownership and Digital Currency Group held 1.45%, indicating highly concentrated ownership with limited broad retail or institutional distribution to date.

Value-chain role

Passive asset wrapper and staking vehicle. The Trust sits between the Sui Network and investors, holding and staking SUI on shareholders' behalf. Coinbase serves as custodian and staking agent. Authorized Participants handle share creation and redemption.

Geographic exposure

Sponsor headquartered in Stamford, Connecticut. The Trust is registered with the SEC and operates under U.S. securities law. The underlying Sui Network is a decentralized protocol with no single geographic footprint.

Source: SEC 10-K, filed 2026-03-24

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