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. It tracks the MarketVector Sui Network VWAP Close Index and comes with a total expense ratio of 1.5%. This structure allows traditional investors easier access to the product without needing direct interaction 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. Reports indicate a 400% increase in total value locked (TVL) and a 692% rise in DeFi volume over the past year. 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.
The launch of the SUI ETN supports VanEck's aim to provide innovative and accessible cryptocurrency products to a wider audience while the Sui ecosystem continues to evolve with its technology and new partnerships.
