SUI witnessed around 46.28% surge in the past 7 days following VanEck’s launch of its ETN in Europe. As the first internet-scale programmable blockchain network, SUI has been performing well recently, with around a 455% increase in market cap this year.
VanEck’s ETN approach allows European crypto enthusiasts to access various blockchain products and services without having to purchase and store assets themselves. Millions of VanEck’s clients can now engage with the SUI Ecosystem without the need for direct ownership of the coin on a digital wallet.
Launched on November 7th 2024, the fully-collateralized SUI exchange-traded note is now available across 15 European countries. As of today, the SUI total net assets in VanEck have reached $99.87 million with around a 45.66% increase since inception.
What is VanEck? What Does VanEck’s ETN Do?
The 69-year-old American investment management firm VanEck is a reputed company engaged in ETFs, ETNs, mutual funds, and separately managed accounts for institutional investors. The recent jump into the European market through ETNs is part of a broader strategy to expand its presence across the globe as a major multinational firm.
VanEck’s ETNs allow safe and cost-efficient crypto trading without the need for the direct ownership of coins. They can be easily traded on major exchanges like a stock and will be available through regular banks and brokers.
The Fund Highlights of VanEck’s SUI ETN
VanEck picked SUI mainly because of the speed, scalability, and customization it offers. SUI provides instant transactions that are affordable and has integrated various DeFi, commerce, and gaming services to engage the users. From the launch itself, SUI ETN has attracted passionate investors, and the total net volume is expected to rise to 1 billion dollars in the next 6 months.
The ETN is 100% backed by SUI tokens stored at a regulated crypto custodian. Beyond the SUI ETN, VanEck provides ETN services on various cryptocurrencies including Bitcoin, Ethereum, Solana, Tron, and Avalanche. They also provide Multi Crypto ETNs and Crypto ETFs.
VSUI: VanEck SUI ETN Details
The VanEck SUI ETN, with the ticker VSUI, can be traded in 15 European countries: Austria, Denmark, Finland, France, Germany, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Poland, Portugal, Spain, Sweden, and Switzerland. Here are other major details:
| Exchange Ticker | VSUI |
| ISIN | DE000A4A5Z72 |
| Base Currency | USD |
| Trading Currency | EUR |
| Custodian | Bank Frick & Co. AG |
| Today’s NAV | $14.43 |
| Management Company | VanEck ETP AG |
| Notes Outstanding | 6,923,000 |
| Total Expense Ratio | 1.50% |
How Will This Influence SUI Token’s Price in the Long Run?
The collaboration with VanEck has already influenced the SUI’s charts. It reached its all-time high yesterday (Nov 14, 2024) with a price of $3.51 per coin. Before the VanEck ETN news, the coin was trading at around $1.9 and has shown an increase of 46% since then.
Various short-term traders took this opportunity, and the latest -7.56% downtrend from its all-time high can be assumed as the profit-taking by those traders. However, crypto analysts suggest that SUI has a huge potential in long-term hodling than short-term trading. And, with the arrival of ETN, it became easy for us to invest in it safely. The on-chain hodlers ratio also shows that it is fully decentralized.
All that said, the cryptocurrency market is still volatile, and there are various risk factors associated with trading digital assets. As the market is only in its embryonic stage at around 10 years of age, pure regulatory clarity and other canons will probably take another decade to gradually evolve. So, DYOR before investing.