cryptopolitan.com
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.