Generally, the Trust does not intend to hold cash, except in connection with Cash Orders for creations or redemptions of Baskets. Cash includes non-interest bearing non-restricted cash with one institution. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust expected to be incurred is the Sponsor’s Fee and, if applicable, any Additional Trust Expenses. The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. Selected Operating Data 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 SUI balances are rounded to the nearest whole SUI)
August 1, 2024 (the commencem ent of the Trust’s operations) to September 30, 2024
August 1, 2024 (the commencem ent of the Trust’s operations) to September 30, 2024
Three Months Ended September 30 , 2025
Nine Months Ended September 30 , 2025
SUI: Opening balance
3,118,640
-
3,029,877 127,090
-
Creations
-
1,409,572
1,409,572
Sponsor’s Fee, related party
(19,590)
(3,845)
(57,917)
(3,845)
Closing balance
3,099,050
1,405,727
3,099,050
1,405,727
Accrued but unpaid Sponsor’s Fee, related party
-
-
-
-
Net closing balance
3,099,050
1,405,727
3,099,050
1,405,727
Number of Shares (1) : Opening balance
212,700
-
204,100
-
Creations
-
94,100 94,100
8,600
94,100 94,100
Closing balance
212,700
212,700
As of September 30,
2025
2024
Price of SUI on principal market (1) Principal Market NAV per Share (2)
$ $ $ $
3.26 $ 47.50 $ 3.23 $ 47.06 $
1.81
27.04
Index Price
1.81
NAV per Share (3)
27.04
(1) The Trust performed an assessment of the principal market at September 30, 2025 and 2024, and identified the principal market as Coinbase. (2) As of September 30, 2025 and 2024 the Principal Market NAV per Share (rounded to the nearest penny) was calculated using the fair value of SUI based on the price provided by Coinbase, 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. (3) The Trust’s NAV per Share is derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date. The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms. See the section entitled “Business —Valuation of SUI and Determination of NAV” above for a description of the Trust’s NAV per Share. The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of both September 30, 2025 and 2024, were Coinbase, Crypto.com and Kraken. For accounting purposes, the Trust reflects creations and the SUI receivable with respect to such creations on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of SUI is received. For the periods ended September 30, 2025 and 2024, the Trust did not accept redemption requests from shareholders. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program.
66
Made with FlippingBook - professional solution for displaying marketing and sales documents online