Grayscale’s Sui Trust opens for accredited investors

Grayscale has announced that its recently launched Sui Trust is now available to qualified investors.

The digital asset manager announced on September 11 that the Sui (SUI) foundation is open to eligible accredited investors.

Grayscale launched the Sui Trust alongside the Bittensor (TAO) Trust in August, noting that the two funds add to its suite of products that offer qualified investors exposure to a variety of cryptocurrencies.

Sui TVL rises to $940 million

Sui is a smart contracts blockchain network that is currently the 38th largest cryptocurrency by market capitalization at $2.4 billion. The blockchain’s architecture is designed to increase the adoption of web3 applications with key features like parallel execution, zkLogin, and sponsored transactions.

With its growing presence in the decentralized finance and real-world assets ecosystem, Sui’s total value locked (TVL) has seen a significant recovery.

After falling more than 50% from peaks of $1.08 billion in May 2024 to $516 million in early August, DeFiLlama data shows Sui TVL has climbed above $940 million. It is the 10th largest chain by TVL, but pales in comparison to Ethereum (ETH), which accounts for more than 65% of the total value locked across 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 servicing, and governance. The token’s price has struggled to rally since falling from peaks of $1.10 in mid-August.

At press time, Sui was trading at around $0.91, down about 1.5% in 24 hours. However, the altcoin’s price has increased by more than 10% in the past week.