Grayscale Sui Staking ETF (GSUI) is a passively managed ETF that holds Sui (SUI) tokens, giving investors exposure to SUI price movements through a regulated, exchange-listed security without requiring them to directly hold or custody the cryptocurrency. SUI is the native token of the Sui Network, a proof-of-stake blockchain designed for high-speed parallel transaction processing and smart contract execution, supporting DApps, DeFi, and NFTs. The Trust began trading on NYSE Arca in February 2026. The Trust generates no traditional revenue — it is a passive holding vehicle. The Sponsor earns an annual fee of 0.35% of NAV, paid in SUI, which covers all operating costs including custody, administration, and legal. A key differentiating feature is staking: the Trust stakes substantially all of its SUI holdings through a third-party provider, earning additional SUI as rewards. Of gross staking rewards, the Trust retains the majority, with 23% going to the Sponsor, Custodian, and Staking Provider combined. Staking rewards can be distributed to shareholders in SUI or cash, or retained in the Trust. Custody is handled by Coinbase Custody in cold storage, and only Authorized Participants — currently Jane Street Capital and Virtu Americas — can create or redeem Shares in blocks of 10,000. Trust NAV is calculated daily using the CoinDesk Sui Benchmark Rate.