21Shares Sui Staking ETF
21Shares Sui Staking ETF is a Delaware statutory trust that issues exchange-traded shares representing fractional interests in assets primarily consisting of SUI, the native token of the Sui blockchain. The ETF seeks to track SUI through a reference price while potentially staking part of its holdings to generate staking rewards, and its shares trade under the ticker TSUI.
Business
Share of revenueThe Trust holds SUI to provide exchange-traded exposure to the token's market value.
A portion of SUI holdings may be delegated for staking to generate rewards for shareholders.
Customers
The ETF is designed for investors seeking SUI exposure through a regulated securities-market vehicle rather than direct token custody. Its customer base can include retail investors, financial advisers, institutions, and authorized participants that create or redeem shares using SUI or cash. Investors may also value the operational convenience of third-party custody, daily NAV calculation, and potential staking distributions.
Buy TSUI shares for SUI exposure through a brokerage account without directly managing token custody.
Use the listed ETF structure to allocate client portfolios to SUI within conventional securities accounts.
Obtain SUI exposure through an exchange-traded product with external custodians and formal reporting.
Create and redeem shares in baskets, supporting primary-market liquidity and helping align price with NAV.
Strategy
The Trust's core strategy is to track SUI while using staking to potentially enhance shareholder returns after fees. Its staking model balances expected rewards against liquidity and redemption requirements, generally targeting 70% to 90% of SUI holdings for staking, although the actual level may vary. The Sponsor also manages pricing-benchmark and custody arrangements that support reliable daily NAV calculation and ETF operation.
Higher staking participation may generate rewards, but excessive staking can constrain redemption liquidity.
Efficient creations, redemptions, custody, and valuation are necessary to keep TSUI usable as a listed product.
A dependable pricing benchmark supports daily NAV calculation and investor confidence in the ETF.
Geography
The Trust is organized in Delaware and its shares trade on a U.S. exchange under the ticker TSUI. SUI is a global digital asset, while custody is provided by Coinbase, Anchorage, and BitGo and administration and cash custody are provided by Bank of New York Mellon. The Sui Foundation, a Cayman Islands foundation company, was the initial seeding investor.
Risks
TSUI is highly exposed to SUI price volatility because its assets are concentrated in one digital token; the Trust's NAV declined materially when SUI prices fell during its initial operating period. Staking introduces liquidity, validator, operational, and regulatory risks because staked assets may not be immediately available for redemptions. The Trust also depends on custodians, benchmark providers, market infrastructure, and a legal structure that limits certain shareholder derivative claims.
The Trust primarily holds SUI, so changes in the token price directly affect NAV and investor returns.
Exposure: Concentrated digital-asset exposure
Staked SUI may face unstaking delays or operational interruptions when the Trust needs assets for redemptions.
Exposure: 70%-90% intended staking range
Loss, theft, insolvency, or operational failure at a custodian could limit access to the Trust's SUI.
Changes affecting digital assets, staking, grantor-trust status, or ETF regulation could impair the product's structure or economics.
Exposure: U.S. digital-asset and securities regulation
The Trust Agreement requires certain claims affecting shareholders proportionately to be brought derivatively.
Exposure: Trust Agreement provisions
Errors, disruption, or licensing changes involving the SUI pricing benchmark could affect NAV calculation and investor confidence.
Exposure: CME CF benchmark and planned FTSE transition
Accounting
Judgemental itemsSUI is valued at fair value under ASC 820 using the Trust's principal market price for GAAP reporting.
Impact: Token price movements flow directly into unrealized gains or losses and net assets.
Operating NAV uses the Pricing Benchmark, while GAAP NAV uses the principal-market SUI price.
Impact: Differences between pricing sources can produce temporary NAV and financial-statement valuation differences.
Staking rewards are recorded as investment income and offset by the Sponsor Fee and Staking Fee.
Impact: Reported income reflects both blockchain rewards and the costs of generating them.
SUI sold to meet share redemptions can create realized gains or losses.
Impact: Investor flows can affect reported realized results independently of market-price changes.
The unitary Sponsor Fee accrues daily at 0.30% of NAV and is payable in SUI weekly in arrears.
Impact: Fee expense varies with Trust NAV and reduces assets available to shareholders.
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Last updated: 24/09/2026