# 21Shares Sui ETF > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/en/companies/21Shares Sui ETF). ## Overview 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. ## Products & services • Exchange-traded shares linked to SUI • Custody of SUI through institutional custodians • Daily NAV and NAV per Share calculation • Staking-based distribution of rewards, when earned - **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. - Exchange-traded shares linked to SUI - Custody of SUI through institutional custodians - Daily NAV and NAV per Share calculation - Staking-based distribution of rewards, when earned ## Customers The trust serves investors who want exchange-traded exposure to SUI without directly holding or self-custodying the token. Its shares are bought and sold by market participants through the exchange, including retail investors and institutions that use listed products for portfolio access, trading, or tactical allocation. - **Retail exchange-traded investors** (primary) — Buy TSUI shares for simple, brokerage-account access to SUI without managing wallets or private keys. - **Institutional allocators** (primary) — Use the listed trust structure to gain SUI exposure within traditional investment and custody workflows. - **Active traders** (secondary) — Trade TSUI for short-term price exposure and liquidity around movements in the Sui token. - Retail investors seeking listed exposure to SUI - Institutions using exchange-traded crypto products - Traders needing intraday liquidity in a listed wrapper - Investors preferring custodial exposure over self-custody - Portfolio allocators seeking blockchain-linked exposure ## Geography The trust is organized in Delaware and operates as a U.S.-listed product, with shares traded on an exchange in the United States. Its underlying SUI custody is distributed across Coinbase, Anchorage, and BitGo, while administration and cash custody are handled by Bank of New York Mellon. - 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 ## Strategy The trust’s core operating objective is to maintain efficient, exchange-traded exposure to SUI while tracking the token’s value through daily NAV calculations. It also seeks to generate and distribute staking rewards from the Sui network when available, which adds an income component to the product structure. - **Maintain tight tracking to SUI market value** (short-term) — The product’s appeal depends on the trust closely reflecting the token’s price through its NAV framework. - **Maximize staking participation** (short-term) — Staking rewards are a key source of distributable income and help differentiate the product structure. - **Preserve custody and operational integrity** (medium-term) — Secure custody and reliable administration are essential for a token-backed exchange-traded trust. - Track SUI value through daily NAV and principal-market pricing - Use institutional custody to support secure token storage - Stake a large portion of holdings to earn network rewards - Provide exchange-listed access rather than direct token ownership - Distribute staking rewards to shareholders when earned ## Risks The trust is exposed to the price volatility of SUI, since changes in token value directly affect NAV and shareholder returns. It also depends on blockchain staking economics, custody arrangements, and exchange-traded market structure, all of which can affect distributions, liquidity, and operational continuity. - **SUI market price volatility** [high] — The trust holds SUI as its primary asset, so token price changes flow directly into NAV and investor outcomes. - **Variable staking rewards** [medium] — Distributions depend on staking participation, protocol reward rates, and network conditions, which are not predictable. - **Custody and service-provider concentration** [high] — The trust relies on a small set of custodians and administrators to hold assets and process operations. - **Derivative-action limitations in the trust agreement** [medium] — Shareholders face procedural hurdles to bringing derivative claims, which can limit legal recourse. - SUI price volatility directly drives NAV and shareholder returns - Staking rewards are variable and may be zero in some quarters - Custody and operational dependence on third-party service providers - Exchange-traded product structure can face liquidity and tracking risk - Shareholder litigation rights are contractually limited ## Accounting The trust’s most important accounting judgment is fair value measurement of SUI, which is marked using the principal market price at the measurement date. Because the trust’s results are dominated by token revaluation and staking income, changes in pricing inputs and staking activity can materially affect reported NAV and earnings. - **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 - Fair value measurement of SUI drives reported NAV and gains/losses - Principal market pricing affects valuation outcomes - Staking income and staking fee affect net investment income - Realized gains/losses arise from SUI sold for redemptions or fees - Sponsor fee payable is remeasured through the financial statements --- *Last updated: 2026-08-11T04:46:16.753370+00:00*