Canary Capital launches US listing venue Exchange-traded funds (ETFs) and staking deepen the intersection between proof-of-stake networks and traditional investment vehicles.
The Canary Staked SUI ETF (SUIS) is designed to track the spot price of Sui, the native token of the Sui layer 1 blockchain, while also participating in the network’s proof-of-stake verification process. Net staking rewards are reflected in the fund’s Net Asset Value (NAV), enabling investors to capture price performance and on-chain yield within the registered ETF structure.
The token underpins the Sui Network, a blockchain built by former Meta engineers behind the ill-fated Diem digital currency project. The network positions itself as a consumer-facing application platform covering decentralized finance (DeFi), gaming and digital markets.
The listing adds to a growing lineup of crypto ETFs that go beyond Bitcoin and Ethereum and reflects issuers’ efforts to package an updated layer 1 network for institutional and retail investors. By incorporating staking directly into the fund, SUIS also tests regulators’ tolerance for crypto products with yields within traditional wrappers.
The listing also coincides with the listing of Grayscale’s Sui Stake ETF (GSUI) on NYSE Arca, which previously traded on OTC Markets’ OTCQB.
For investors who wish to invest in SUI without managing private keys or validator operations, the ETF provides a brokerage-based entry point with staking rewards embedded in it.