• Second, the Trust sorts these Digital Asset Markets from high to low by market-based volume and level of activity of SUI traded on each Digital Asset Market in the trailing twelve months. • Third, the Trust then reviews pricing fluctuations and the degree of variances in price on Digital Asset Markets to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market. • Fourth, the Trust then selects a Digital Asset Market as its principal market based on the highest market-based volume, level of activity and price stability in comparison to the other Digital Asset Markets on the list. Based on information reasonably available to the Trust, Trading Platform Markets have the greatest volume and level of activity for the asset. The Trust therefore looks to accessible Trading Platform Markets as opposed to the Brokered Market, Dealer Market and Principal-to- Principal Markets to determine its principal market. As a result of the aforementioned analysis, a Trading Platform Market has been selected as the Trust’s principal market. The Trust determines its principal market (or in the absence of a principal market the most advantageous market) annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each Digital Asset Market’s trading volume and level of activity in the trailing twelve months, (ii) if any Digital Asset Markets have developed that the Trust has access to, or (iii) if recent changes to each Digital Asset Market’s price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Trust’s determination of its principal market. The cost basis of SUI received by the Trust in connection with a creation order is recorded by the Trust at the fair value of SUI at 4:00 p.m., New York time, on the creation date for financial reporting purposes. The cost basis recorded by the Trust may differ from proceeds collected by an Authorized Participant from the sale of the corresponding Shares to investors. Investment Company Considerations The Trust is an investment company for GAAP purposes and follows accounting and reporting guidance in accordance with the FASB ASC Topic 946, Financial Services – Investment Companies. The Trust uses fair value as its method of accounting for SUI in accordance with its classification as an investment company for accounting purposes. The Trust is not a registered investment company under the Investment Company Act of 1940. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates and these differences could be material. Review of Financial Results Financial Highlights for the Three and Nine Months Ended September 30, 2025 and for the Period from August 1, 2024 (the commencement of the Trust’s operations) to September 30, 2024 (All amounts in the following table and the subsequent paragraphs, except Share, per Share, SUI and price of SUI amounts, are in thousands)
August 1, 2024 (the commencement of the Trust’s operations) to September 30, 2024
August 1, 2024 (the commencement of the Trust’s operations) to September 30, 2024
Three Months Ended September 30, 2025
Nine Months Ended September 30, 2025
Net realized and unrealized gain (loss) on investment in SUI Net increase (decrease) in net assets resulting from operations
$
1,378 $
1,256 $ (2,779) $
1,256
$
1,308 $
1,252 $ (2,974) $ 2,544 $ 10,103 $
1,252
Net assets (1) 2,544 (1) Net assets in the above table and subsequent paragraphs are calculated in accordance with U.S. GAAP based on the Digital Asset Market price of SUI on the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date. $ 10,103 $ Net realized and unrealized gain on investment in SUI for the three months ended September 30, 2025 was $1,378, which includes a realized gain of $19 on the transfer of SUI to pay the Sponsor’s Fee and net change in unrealized appreciation on investment in SUI of $1,359. Net realized and unrealized gain on investment in SUI for the period was driven by SUI price appreciation from $2.82 per SUI as of June 30, 2025, to $3.26 per SUI as of September 30, 2025. Net increase in net assets resulting from operations was $1,308 for the three months ended September 30, 2025, which consisted of the net realized and unrealized gain
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