Company: GSUI
Filing Date: 2025-12-05
Form Type: S-1
Source: 0001193125-25-309828
Chunk: 283

Company: Grayscale Sui Trust (SUI)
Filing Date: 2025-12-05
Form: S-1
Chunk 283
---
 or any other agency, or in a proceeding in a court of law or otherwise, it may have material adverse consequences for SUI. For example, it may become more difficult for SUI to be traded, cleared and custodied as compared to other digital assets that are not considered to be securities, which could, in turn, negatively affect the liquidity and general acceptance of SUI and cause users to migrate to other digital assets. As such, any determination that SUI is a security under federal or state securities laws may adversely affect the value of SUI and, as a result, an investment in the Shares.

In addition, if SUI is in fact a security, the Trust could be considered an unregistered “investment company” under the Investment Company Act of 1940, which could necessitate the Trust’s liquidation. In this case, the Trust and the Sponsor may be deemed to have participated in an illegal offering of securities and there is no guarantee that the Sponsor will be able to register the Trust under the Investment Company Act of 1940 at such time or take such other actions as may be necessary to ensure the Trust’s activities comply with applicable law, which could force the Sponsor to liquidate the Trust.

To the extent a private key, held by the Custodian, required to access a SUI address is lost, destroyed or otherwise compromised and no backup of the private keys are accessible, the Trust may be unable to access the SUI controlled by the private key and the private key will not be capable of being restored by the SUI Network. The processes by which SUI transactions are settled are dependent on the SUI peer-to-peer network, and as such, the Trust is subject to operational risk. A risk also exists with respect to previously unknown technical vulnerabilities, which may adversely affect the value of SUI.

The Trust relies on third-party service providers to perform certain functions essential to its operations. Any disruptions to the Trust’s service providers’ business operations resulting from business failures, financial instability, security failures, government mandated regulation or operational problems could have an adverse impact on the Trust’s ability to access critical services and be disruptive to the operations of the Trust.

<div align='center'>F-11</div>

The Sponsor and the Trust may be subject to various litigation, regulatory investigations, and other legal proceedings that arise in the ordinary course of its business. 8. Financial Highlights Per Share Performance

|                                                                   |     |   | Three Months Ended September 30, 2025 |   |     |   | August