SUI market price volatility
The trust holds SUI as its primary asset, so token price changes flow directly into NAV and investor outcomes.
- Scope
- NAV and share price
- Materiality
- high
21Shares Sui ETF
21Shares Sui ETF is a Delaware statutory trust that issues exchange-traded shares designed to provide exposure to SUI, the native token of the Sui blockchain network. The trust holds SUI through institutional custodians and lists its shares on an exchange under the ticker TSUI.
| % | |
|---|---|
| Exchange-traded crypto exposure | 80% Listed trust shares that provide investors exposure to the price of SUI. |
| Staking reward pass-through | 20% Staking income generated from staked SUI and distributed, when available, to shareholders. |
The trust serves investors who want exchange-traded exposure to SUI without directly holding or self-custodying the...
- Retail exchange-traded investorsprimary
Buy TSUI shares for simple, brokerage-account access to SUI without managing wallets or private keys.
- Institutional allocatorsprimary
Use the listed trust structure to gain SUI exposure within traditional investment and custody workflows.
- Active traderssecondary
Trade TSUI for short-term price exposure and liquidity around movements in the Sui token.
The trust is organized in Delaware and operates as a U.S.-listed product, with shares traded on an exchange in the...
- •Delaware statutory trust structure in the United States
- •Shares listed and traded on a U.S. exchange
- •SUI custody spread across Coinbase, Anchorage, and BitGo
- •Bank of New York Mellon serves as administrator and cash custodian
- •Underlying exposure is to the global Sui blockchain ecosystem
The trust’s core operating objective is to maintain efficient, exchange-traded exposure to SUI while tracking the...
01
Maintain tight tracking to SUI market valueshort-term
The product’s appeal depends on the trust closely reflecting the token’s price through its NAV framework.
02
Maximize staking participationshort-term
Staking rewards are a key source of distributable income and help differentiate the product structure.
03
Preserve custody and operational integritymedium-term
Secure custody and reliable administration are essential for a token-backed exchange-traded trust.
The trust is exposed to the price volatility of SUI, since changes in token value directly affect NAV and shareholder...
Custody and service-provider concentration
The trust relies on a small set of custodians and administrators to hold assets and process operations.
- Scope
- Asset safekeeping and administration
- Materiality
- high
Variable staking rewards
Distributions depend on staking participation, protocol reward rates, and network conditions, which are not predictable.
- Scope
- Quarterly distributions
- Materiality
- medium
Derivative-action limitations in the trust agreement
Shareholders face procedural hurdles to bringing derivative claims, which can limit legal recourse.
- Scope
- Governance and shareholder rights
- Materiality
- medium
Fair value measurement of SUI
Largest driver of unrealized gains and losses
Staking income recognition
Affects net investment income and distributions
Realized gains and losses on redemptions and fee payments
Introduces period-to-period volatility
Sponsor fee payable valuation
Minor but recurring earnings impact
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: 11/08/2026