Company: GSUI
Filing Date: 2025-12-05
Form Type: S-1
Source: 0001193125-25-309828
Chunk: 287

Company: Grayscale Sui Trust (SUI)
Filing Date: 2025-12-05
Form: S-1
Chunk 287
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     |                        |       - |   |
| End of period                                                               |     | $                      |  12,635 |   |
| Change in Shares outstanding:                                               |     |                        |         |   |
| Shares outstanding at beginning of period                                   |     |                        |       - |   |
| Shares issued                                                               |     |                        | 204,100 |   |
| Net increase in Shares                                                      |     |                        | 204,100 |   |
| Shares outstanding at end of period                                         |     |                        | 204,100 |   |

(1) No comparative financial statements have been provided as the Trust’s operations commenced on August 1, 2024. See accompanying notes to the financial statements.

<div align='center'>F-18

GRAYSCALE SUI TRUST (SUI)

NOTES TO THE FINANCIAL STATEMENTS</div>

1. Organization

Grayscale Sui Trust (SUI) (the “Trust”) is a Delaware Statutory Trust that was formed on April 13, 2024 and commenced operations on August 1, 2024. In general, the Trust holds Sui (“SUI”) and, from time to time, issues common units of fractional undivided beneficial interest (“Shares”) (in minimum baskets of 100 Shares, referred to as “Baskets”) in exchange for SUI. The redemption of Shares is not currently contemplated and the Trust does not currently operate a redemption program. Subject to receipt of regulatory approval and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. The Trust currently has no intention of seeking regulatory approval to operate an ongoing redemption program. The Trust’s investment objective is for the value of the Shares (based on SUI per Share) to reflect the value of SUI held by the Trust, less the Trust’s expenses and other liabilities.

As of December 31, 2024, Grayscale Investments, LLC (“Grayscale” or the “Sponsor”) acted as the Sponsor of the Trust and was a wholly owned subsidiary of Digital Currency Group, Inc. (“DCG”). The Sponsor is responsible for the day-to-day administration of the Trust pursuant to the provisions of the Trust Agreement. Grayscale is responsible for preparing and providing annual and quarterly reports on behalf of the Trust to investors and is also responsible for selecting and monitoring the Trust’s service providers. As partial consideration for the Sponsor’s services, the Trust pays Grayscale a Sponsor’s Fee as discussed in Note