VanEck, a major investment firm managing over $100 billion in assets, has launched a new Exchange-Traded Note (ETN) based on the SUI cryptocurrency. The product is now available on Euronext 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 comes with a total expense ratio of 1.5%. Investors purchasing this ETN will see the value of their investment directly reflect the market value of the SUI tokens it tracks, without needing to interact directly with the Sui blockchain.
Sui's Rapid Growth
Sui, a decentralized smart contract platform designed by former Meta engineers, has experienced impressive growth in recent months. The blockchain boasts an impressive 400% increase in total value locked (TVL) and a 692% rise in DeFi volume over the past year. According to reports, Sui's ability to handle multiple transactions simultaneously makes it ideal for applications in sectors that demand speed and scalability, such as gaming and financial services.
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 financial products linked to Bitcoin, Ethereum, and Solana. The launch of the SUI ETN follows a surge in institutional confidence in the Sui blockchain, 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 the SUI-based ETN by VanEck represents a significant step in expanding their crypto offerings. This move underscores not only institutional trust in Sui but also the platform’s potential for further growth.