SUI price rises 12% as Grayscale launches Sui Trust to meet soaring crypto demand

Cryptocurrency asset manager Grayscale announced new investment funds – Grayscale Sui Trust and Grayscale Bittensor Trust – on 7 August.

The strategic move underscores Grayscale’s dedication to broadening its product to meet the increasing demand for cryptocurrency. The new products aim to boost exposure to progressive digital currencies.

Grayscale Head of Product and Research Rayhaneh Sharif stated,

“With the launch of Grayscale Bittensor Trust and Grayscale Sui Trust, we continue to provide investors with familiar products that enable access to tokens at the cutting edge of the crypto ecosystem’s continued evolution.”

According to the press release, Grayscale’s new products will allow individuals and institutions to invest in the underlying tokens. That reflects the company’s goal of expanding its market coverage with advanced products to match the ever-changing cryptocurrency space.

Grayscale Bittensor Trust will focus solely on investing in Bittensor protocol’s native token TAO. The firm trusts that Bittensor will fuel decentralized AI growth.

Meanwhile, Grayscale Sui Trust will focus on investing in altcoin SUI. Sui is a layer1 smart contract network that supports decentralized applications.

Eligibility

While the launched Trusts are open for subscription, they are only available for eligible institutional and individual investors.

Grayscale added that the new products function like its existing single-asset trusts.

The asset manager introduced Trusts investing in Stacks (STX) and Near Protocol (NEAR) in May this year. The funds allowed eligible retailers and institutions to diversify their investment portfolios through daily subscriptions.

Further, Grayscale has trusts associated with Solana, Chainlink, Zcash, Litecoin, Decentraland, and Stellar.

Sui ecosystem analysis

SUI is among the altcoins boasting healthy blockchains. Recent stats show the network dominates Move developer activity.

That reflects Sui’s rapid growth and surging influence within the digital assets landscape.

Sui witnessed a remarkable 219% uptick in 30-day active developers since January 2024. Moreover, the blockchain kept around 1,400 active in June, reflecting soaring activity and interest in Move activity and the Sui network.

Sui exhibits health developer activity, with a significant increase in code contributions. The initial six months of 2024 saw total commits up 125% to surpass 18,000.

Moreover, repositories surged 84% in that timeframe, indicating the growing engagement by SUI developers.

SUI current price

The native token displayed bullishness following the developments. SUI gained over 12% in the past 24 hours to hit the $0.6463 high before retracing to press time levels of $0.6168.

SUI 1D Chart on Coinmarketcap

The ongoing broad market recovery added to Sui’s recovery. A healthy ecosystem also boosted the SUI surge, outperforming TAO’s 4% 24-hour upsurge.

Grayscale’s launch of Sui Trust underscores the firm’s confidence in the altcoin’s long-term performance.

However, broad market sentiments remain vital in shaping SUI’s near-term trajectory.

The post SUI price rises 12% as Grayscale launches Sui Trust to meet soaring crypto demand appeared first on Invezz