TLDR
- GSUI provides 100% staking exposure to Sui through a delegated proof-of-stake model.
- The fund offers a 0% gross expense ratio for three months or until $1B AUM.
- After waiver terms, GSUI will charge a 0.35% management fee.
- The ETF is not registered under the Investment Company Act of 1940.
Grayscale has launched the Grayscale Sui Staking ETF (Ticker: $GSUI) – 100% Staking, 0% Fees¹. The exchange traded product offers exposure to Sui through a full staking strategy. The fund begins trading with a temporary fee waiver.
GSUI is structured as an exchange traded product and is not registered under the Investment Company Act of 1940. The launch introduces a vehicle that seeks to provide Sui exposure through staking rather than direct token ownership.
Structure and Staking Strategy
GSUI is designed to stake 100% of its SUI holdings. The fund uses Sui’s delegated proof-of-stake model to participate in network validation. Token holders delegate SUI to validators who confirm transactions.
Validators receive voting power based on the amount of SUI delegated to them. The fund delegates its SUI holdings to selected validators. Staking rewards are earned by the fund and are not issued directly to investors.
The ETF does not provide direct ownership of SUI tokens. Investors gain exposure through shares of the fund. The structure allows investors to access staking returns through a regulated exchange listing.
Fee Structure and Waiver Terms
GSUI is launching with a 0% gross expense ratio for the first three months of trading. The waiver also applies until the fund reaches $1.0 billion in assets under management. The first condition met will end the waiver period.
After the waiver expires, the fund will charge a 0.35% management fee. Brokerage fees and other expenses may still apply to investors. The prospectus provides full details about fee arrangements and terms.
Grayscale states that the temporary waiver applies only to the gross expense ratio. Other costs related to trading and custody are not covered by the waiver. Investors are advised to review the prospectus before investing.
Risk Factors and Regulatory Status
GSUI is not registered under the Investment Company Act of 1940. As a result, it is not subject to the same regulations as 40 Act registered ETFs and mutual funds. This structure may involve different investor protections.
The fund involves risk, including possible loss of principal. It is described as subject to heightened volatility. Grayscale states that the product is not suitable for investors who cannot afford a total loss.
Staking introduces additional risks. When SUI is staked, it is locked for a required period. The fund cannot sell or transfer staked SUI during that time, which creates liquidity limits.
Staked SUI may face security breaches or network downtime. Smart contract vulnerabilities and validator failures may also occur. These events can result in loss of staked assets or loss of staking rewards.
Market Position and Disclosure
Grayscale describes itself as the largest crypto-focused asset manager based on assets under management as of December 31, 2025. The firm calculated this status using publicly disclosed data from other companies.
The company directs investors to read the full prospectus before investing. The document outlines operational details, staking processes, custody arrangements, and risk disclosures.
GSUI enters the market as a staking-focused exchange traded product tied to the Sui blockchain. The fund combines 100% staking exposure with a temporary 0% fee structure. Investors can access Sui staking returns through a listed vehicle while accepting the stated risks and terms.
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