We advised Grayscale on the NYSE Arca listing and concurrent private placement

Davis Polk advised Grayscale Investments on the successful uplisting of Grayscale Sui Staking ETF, among the first spot SUI ETFs to trade in the United States. Supported by an institutional staking program, Grayscale Sui Staking ETF is one of the only investment vehicles offering exposure to SUI and its staking rewards. Shares of the product are listed on NYSE Arca under the ticker “GSUI.”

In connection with the GSUI launch, Davis Polk also advised Grayscale on a concurrent private placement of approximately 20 million SUI tokens from the Sui Foundation. The Sui Foundation is an independent nonprofit entity that supports research and development of open-source technology related to the Sui ecosystem.

SUI is the native digital asset of Sui, a Layer 1 blockchain platform built to deliver seamless digital experiences for everyday users. By processing multiple transactions in parallel, Sui is designed to offer leading performance, speed and capability while supporting a robust on-chain economy. SUI can also be staked to support secure network operations in exchange for staking rewards.

The Davis Polk capital markets team included partners Joseph A. Hall and Daniel P. Gibbons, counsel Amy M. Starr and associates Dylan H. Lojac and Sean Kennelly. Partner Zachary J. Zweihorn, counsel Justin Levine and associates Boaz B. Goldwater and Abigail Barney provided financial institutions advice. Partners Patrick E. Sigmon and Lucy W. Farr and associates William Liang and Seth Cole provided tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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