Leading crypto asset manager Grayscale announced the launch of its SUI Trust. The trust is now open to all eligible accredited investors.
According to Grayscale, the SUI Trust is one of the first securities entirely invested in the price of SUI. Grayscale also mentioned in the announcement that the trust allows users to gain exposure to SUI by dodging key challenges.
Grayscale SUI Trust circumvents buying and storage
Investors who wish to buy SUI via the Grayscale SUI Trust can avoid the process of buying, storing and safekeeping their SUI. “Shares (based on SUI per Share as indicated below) are designed to track the SUI market price, less fees and expenses,” Grayscale mentioned.
This trust listing is a significant step for SUI as it seems the project now has the backing of Grayscale. Sui launched its mainnet on May 3, 2023. The project was developed by Mysten Labs with a particular focus on security, speed, and usability.
SUI has become one of Grayscale’s crypto investment products. The firm also offers other crypto investment products, including Ethereum Trust, Bitcoin Trust, NEAR Trust, Avalanche Trust, and others.
SUI price pumps 18% after the announcement
Following the announcement by Grayscale, the price of SUI rallied by over 18%. The price went from a 24-hour low of $0.8687 to as high as $1.04 as per Coinmarketcap data. The token is now trading in the $1.04 range, showing positive momentum.
SUI is also one of the charts that has been on a consistent positive momentum in the last 30 days. Even amidst the overall crypto market volatility, SUI is up by 5.5% in the last 30 days and 27.5% in the last seven days.
According to the data from Token Unlocks, SUI has a circulating supply of 2,679,963,749.63. Over 52% of the SUI is locked, with only 26.73% unlocked so far. The SUI team has implemented a periodic token unlock as part of its ongoing strategy.
Source: https://www.cryptopolitan.com/grayscale-sui-trust-launched-price-pumps/