Key Highlights
- Canary Capital launched the Canary Staked SUI ETF (SUIS) on Nasdaq, offering investors access to SUI tokens and staking rewards.
- The ETF tracks SUI’s spot price and reflects net staking rewards in its value, combining price exposure with on-chain yield.
- The Sui Network, built by former Meta engineers, powers apps in DeFi, gaming, and digital marketplaces.
Canary Capital has launched a U.S.-listed spot exchange-traded fund (ETF) for SUI, the native token of the Sui layer-1 blockchain. The fund, called the Canary Staked SUI ETF (ticker: SUIS), went live on Nasdaq on Wednesday.
According to the official announcement, the ETF is designed to give investors access to SUI while also letting them earn rewards through staking. The fund tracks the spot price of SUI and adds the net staking rewards to its value, so investors can earn from both price changes and the blockchain’s proof-of-stake system.
“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 of Canary Capital. This means investors can buy into the blockchain without having to manage private keys or run validator operations, which are usually needed to earn staking rewards directly.
Meanwhile, the ETF launched on the same day as Grayscale’s SUI staking ETF (GSUI), which now trades on NYSE Arca. Canary Capital said the fund is meant to give investors a safe way to get into new blockchain technology, and the Sui Network is considered a suitable addition due to its strong user adoption and broad tooling.
SUI drops 39% in a month
The network’s token, SUI, hasn’t really reacted to the news. At the time of writing, the token is trading for $0.95, down 2.58% in the last 24 hours. This adds to about a 39% drop in the last month. Trading activity is also down by 7.2% from the previous day, reaching about $442 million in trading volume, while its market capitalization sits at 3.6 billion.
The token is used to pay for transactions and run smart contracts. According to data from CoinMarketCap, SUI is currently the 27th largest cryptocurrency by market value.
Canary Capital also explained that SUIS will track the token price and earn additional SUI from the network’s proof-of-stake process.
Broader context
The SUI network is designed to offer fast, low-cost transactions and to support real-world applications, including decentralized finance (DeFi), gaming, and a digital marketplace. Meanwhile, other firms have also moved to launch their own SUI ETFs, including 21Shares, which offers leveraged SUI products. Bitwise filed for S-Q with the U.S. Securities and Exchange Commission (SEC) last year for the same product.
In short, the growing number highlights a trend of asset managers looking to have digital assets accessible to both retail and institutional investors while embedding staking rewards with regulated investment products.
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