Grayscale Investments has announced the launch of the Grayscale Sui Trust, providing qualified investors an opportunity to gain exposure to the SUI token in the form of a security. The trust, designed for institutional-grade access, offers a simplified route for investors to participate in the SUI ecosystem without directly holding the digital asset.
Grayscale Sui Trust Opens for Accredited Investors Tracking SUI Price
According to a recent announcement on X, Grayscale Sui Trust is now available to eligible accredited investors. The trust provides a streamlined method for gaining exposure to SUI, a third-generation blockchain that focuses on scalability and transaction cost efficiency.
As of December 18, 2024, the Grayscale Sui Trust manages assets worth $12.88 million, with a net asset value of $65.52 per share. Shares of the trust will reflect the SUI price after accounting for fees and expenses. This offers investors a convenient alternative to directly purchasing and storing the token.
Moreover, the Grayscale Sui Trust tracks the SUI price, which has surged by over 500% this year. SUI operates on a decentralized blockchain network, enabling peer-to-peer transactions recorded on a public ledger. This growth has elevated SUI to the ninth-largest blockchain by total value locked (TVL) in its DeFi ecosystem.
However, challenges remain. Recent data shows that SUI DeFi TVL has fallen to 385 million SUI from a peak of 730 million in September. Despite this decline in terms of SUI, dollar-denominated TVL growth has persisted, largely due to the rising SUI price.
Tracking Development Metrics and Ecosystem Growth
However, the SUI network’s developer activity has seen a decline. Commit activity, an indicator of developer engagement has dropped to 950 in December, compared to a peak of 5,300 in May 2023. The number of active core developers has also decreased from a yearly high of 86 to 44.
Despite this, the SUI Trust ecosystem shows positive trends. The stablecoin volume on the network now exceeds $377 million. Decentralized exchanges such as Cetus, Bluefin, and DeepBook are reporting strong transaction volumes, reflecting continued user interest.
The launch of Grayscale Sui Trust represents a milestone in providing institutional-grade access to SUI. While challenges persist, the trust’s introduction may help drive interest in the SUI ecosystem, potentially influencing SUI price trends.
However, despite the announcement of Grayscale Sui Trust’s launch, SUI price has dropped 12% over the past 24 hours to $4.13. Market capitalization stands at $12.09 billion, while trading volume surged 108.96% to $3.1 billion.
Meanwhile, Grayscale Investments has taken advantage of the recent Litecoin (LTC) price dip by increasing its holdings. Data from CoinGlass reveals that Grayscale purchased 2,230 LTC on Thursday, adding to its 30-day accumulation of over 41,100 coins. The company’s total Litecoin holdings are now valued at more than $220 million.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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