Grayscale has announced that its recently launched Sui Trust is now open to qualified investors.
The digital assets manager said in an announcement on Sept. 11 that the Sui (SUI) trust was accessible to eligible accredited investors.
Grayscale launched the Sui Trust alongside the Bittensor (TAO) Trust in August, noting that the two funds add to its range of products offering qualified investors exposure to various cryptocurrencies.
Grayscale Sui Trust is open to eligible accredited investors seeking exposure to $SUI, a third-generation blockchain designed to help address scalability and transaction costs.
Click below to learn more about Grayscale Sui Trust or reach out to us: https://t.co/WgCAFA7E8L pic.twitter.com/gic7kJDzF6
— Grayscale (@Grayscale) September 11, 2024
You might also like: AVAX sees 12% price jump as Grayscale launches Avalanche Trust
Sui TVL rises to $940 million
Sui is a smart contracts blockchain network that currently ranks as the 38th largest cryptocurrency by market capitalization, with $2.4 billion. The blockchain’s architecture is designed to boost the adoption of web3 applications, with key features including parallel execution, zkLogin, and sponsored transactions.
With a growing presence in the decentralized finance and real-world assets ecosystem, Sui’s total value locked (TVL) has seen a notable rebound.
After dipping more than 50% from highs of $1.08 billion in May 2024 to near $516 million in early August, DeFiLlama data shows Sui TVL has rebounded to above $940 million. It’s the 10th largest chain by TVL, although it pales in comparison to Ethereum (ETH) that accounts for over 65% of the total value locked on all chains.
Meanwhile, the native Sui token is used in the blockchain network’s proof-of-stake mechanism for rewards. SUI is also used for gas fee payments, network utility, and governance. The token’s price has struggled for upside since dropping from highs of $1.10 in mid-August.
Sui traded at around $0.91 at the time of writing, about 1.5% down in 24 hours. However, the altcoin’s price was up more than 10% over the past week.
You might also like: Sui token forms a bullish pattern, nears a pivotal price
