SUI Price Rebounds 7% as Grayscale Amends S-1 for Sui ETF

Grayscale has submitted an amendment to its Sui ETF application with the US Securities and Exchange Commission (SEC). SUI price increased by 7%, as investors see the development as a major progress towards the first spot SUI ETF launch.

Grayscale Updates Sui ETF Filing with the US SEC

Crypto asset manager Grayscale Investments has submitted Amendment No. 2 to its spot Sui ETF filing with the U.S. SEC. The issuer seeks to convert its existing trust into a spot ETF focused on SUI, the native token of the Sui network.

In the latest filing, Grayscale amended details on the structure, operations, and proposed transition to spot Sui ETF upon SEC effectiveness. It includes the second amended and restated declaration of the trust and trust agreement, form of participant agreement, and opinions of special Delaware counsel and tax counsel of the trust.

Grayscale Sui Staking ETF S-1 Amendment. Source: US SEC

It will list on NYSE Arca under the same GSUI ticker. The issuer has yet to reveal the management fees, the staking provider, and any fee waiver. The issuer intends to rename the trust as Grayscale Sui Staking ETF.

The Bank of New York Mellon will serve as the transfer agent and the administrator of the Grayscale Sui Staking ETF. Meanwhile, Coinbase is named as the prime broker and Coinbase Custody Trust Company as the custodian of the trust.

SUI Price Soars Over 7%

SUI price jumped more than 7% to trade near $0.95. The 24-hour low and high are $0.877 and $0.956, respectively. Furthermore, trading volume has increased by almost 45% over the last 24 hours, indicating a significant rebound in trading interest despite US jobs data that has faded Fed rate-cut odds.

The derivatives market saw significant buying activity over the last few hours, according to CoinGlass data. The total SUI futures open interest jumped 5% to $524 million in the past 24 hours. At the time of writing, 4-hour SUI futures OI climbed almost 2%, up nearly 1.50% on Binance, 3% on OKX, and 1.33% on Bybit.

Source: https://coingape.com/sui-price-rebounds-7-as-grayscale-amends-s-1-for-sui-etf/