VanEck, managing over $100 billion in assets, launched a new Exchange-Traded Note (ETN) based on the SUI cryptocurrency, now available on Euronext exchanges in Amsterdam and Paris, offering investors in over 15 countries access to the Sui blockchain.
What is the SUI ETN?
The VanEck SUI ETN is fully backed by SUI tokens held with Liechtenstein’s Bank Frick, ensuring that the value of the ETN mirrors the value of the tokens it represents. The ETN tracks the MarketVector Sui Network VWAP Close Index and has a total expense ratio of 1.5%. Investors do not need to interact with the Sui blockchain directly, making the process more accessible to traditional investors.
Sui’s Rapid Growth
Sui, a decentralized smart contract platform, has experienced impressive growth in recent months. The blockchain boasts a 400% increase in total value locked (TVL) and a 692% rise in DeFi volume over the past year. Reports indicate Sui's capability to handle multiple transactions simultaneously makes it ideal for applications requiring speed and scalability, such as gaming and financial services. VanEck notes that Sui provides a user experience similar to popular platforms.
VanEck Expands Crypto Product Offerings
VanEck’s decision to add SUI to its growing portfolio of crypto-focused financial products underscores the firm's belief in the blockchain's future. It previously launched products linked to Bitcoin, Ethereum, and Solana. The launch of the SUI ETN follows increased institutional confidence in the Sui blockchain. The past year has seen significant developments, including partnerships with companies like Copper, Zero Hash, and Fordefi. Stablecoins like USDC and AUSD also recently integrated with the Sui network.
The launch of VanEck’s new ETN illustrates the ongoing growth of investor interest in blockchain platforms like Sui, highlighting substantial market changes related to increased institutional confidence and the integration of new financial products.