Company: GSUI
Filing Date: 2025-12-05
Form Type: S-1
Source: 0001193125-25-309828
Chunk: 123

Company: Grayscale Sui Trust (SUI)
Filing Date: 2025-12-05
Form: S-1
Chunk 123
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 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)

|                                                                 |     |   | Three Months Ended September 30, 2025 |     |   | August 1, 2024 (the commencement of the Trust’s operations) to September 30, 2024 |     |   | Nine Months Ended September 30, 2025 |   |     |   | August 1, 2024 (the commencement of the Trust’s operations) to September 30, 2024 |
|:----------------------------------------------------------------|:----|:--|--------------------------------------:|:----|:--|----------------------------------------------------------------------------------:|:----|:--|-------------------------------------:|:--|:----|:--|----------------------------------------------------------------------------------:|
| Net realized and unrealized gain (loss) on investment