While the Market Watched Bitcoin, Google Quietly Chose the Next Blockchain. Now It’s Available on NASDAQ.

0:00 / 0:00

Most investors were not paying attention to the Sui Network in September 2025.

Crypto headlines at the time were dominated by Bitcoin ETF flows, interest rate speculation, and the usual cycle of price commentary. The deeper infrastructure story, which blockchain would become the actual operating layer for the next phase of digital commerce, was playing out quietly in product roadmaps and developer channels rather than trading desks.

That is when Google made its selection.

In a move covered by CoinDesk, Google named Sui as the launch partner for its Agentic Payments Protocol, or AP2, infrastructure designed specifically to let AI agents conduct financial transactions autonomously on behalf of users.1 Not a marketing agreement. Not a pilot. A launch partner designation for the payments layer of the AI economy.

SUI rose 4% on the announcement. Institutional analysts cited signs of accumulation. But the more meaningful signal was not the price move. It was the partner.

Google does not select blockchain networks arbitrarily. The AP2 designation reflected specific technical requirements: sub-second transaction finality, fees averaging a fraction of a cent per transaction, and an architecture purpose-built for machine-to-machine activity at internet scale. Sui had all three.

On February 18, 2026, Canary Capital brought that thesis into an ETP wrapper investors can access through a standard brokerage account.

The result is the Canary Staked SUI ETF (NASDAQ:SUIS), now trading on NASDAQ.

This is not a speculative wrapper built around a narrative. It is a listed product that seeks to provide exposure to the price of SUI, the native digital currency of the Sui blockchain, and stakes those holdings through Sui’s proof-of-stake system, where tokens help validate the network and earn rewards. 

As of May 19, 2026, the fund reflects a gross staking yield of 1.73% and an annualized net staking yield of 1.56%,2 directly in net asset value. Investors do not need a crypto wallet, a private key, or an exchange account. Exposure lives in the same brokerage platform as other investments, allowing a unified portfolio across different asset classes.

Before understanding why this moment matters, it helps to understand what Sui actually is.

What Sui Was Built to Do, and Why It Got Google’s Attention

Sui launched on May 3, 2023. It was built by Mysten Labs, founded by four former Meta engineers who previously worked on the company’s Diem blockchain project: Evan Cheng (CEO), Sam Blackshear (CTO), Adeniyi Abiodun (CPO), and George Danezis (Chief Scientist). The team did not leave Meta to build another slow, expensive blockchain. They left to fix the architectural problems that made earlier networks unsuitable for real-world transaction volume.

The core insight was an object-centric model. Rather than routing every transaction through a single global state, Sui treats each asset as an independent programmable object. Transactions involving unrelated objects run in parallel rather than in sequence. This is why Sui’s throughput numbers, benchmarked at over 120,000 transactions per second (TPS)3 under owned-object conditions, are not theoretical projections. They reflect how the architecture actually behaves.

Average transaction finality runs at approximately 400 milliseconds. Average gas fees run around $0.011 per transaction.4 Those two numbers together explain why Google selected Sui for AP2. When an AI agent needs to complete a payment, the transaction has to settle before the next step in the process can begin. Half a second and a fraction of a cent clears that bar. Most blockchains do not.5

Mysten Labs raised $36 million in a Series A led by Andreessen Horowitz in December 2021,6 followed by a $300 million Series B in September 2022 at a valuation exceeding $2 billion, with participation from Binance Labs, Coinbase Ventures, Circle, Jump Crypto, Franklin Templeton, and Apollo Global Management.7 When FTX collapsed in late 2022, Mysten proactively repurchased FTX Ventures’ stake for $96 million, removing the liquidation risk that destabilized other networks at the time.8

The network’s real-world numbers reflect that foundation. Sui processed over $111 billion in stablecoin transfers in January 2026 alone, according to Sui Foundation data.9 Monthly decentralized exchange (DEX) volume on Sui exceeded $43 billion from January 1 to February 23, 2026.10 Total value locked in Sui’s decentralized finance (DeFi) ecosystem peaked at $2.6 billion in October 2025, a 10x increase from $200 million in January 2025.11 The network has over 200 million total accounts and more than 1,000 monthly active developers as of early 2026.

The Canary Staked SUI ETF (NASDAQ:SUIS) holds the native token that powers all of that activity. Every stablecoin transfer, every DEX trade, every agentic payment runs on SUI.

Why are investors looking at the Canary Staked SUI ETF?
Many investors look for opportunities in breakthrough sectors before Wall Street catches on. AI agents are coming. The major technology companies have made that clear. In September 2025, Google named Sui as the launch partner for its Agentic Payments Protocol. The Canary Staked SUI ETF gives investors exchange-traded exposure to the token that powers that network.

The Institutional Build-Out Investors Have Not Fully Priced Yet

Google is not the only recognizable name that made a decision about Sui.

In November 2025, Stripe’s Bridge platform launched USDsui,12 a US-compliant reward-bearing stablecoin built natively on Sui and designed to interoperate with wallets from MetaMask, Phantom, and Hyperliquid. According to CoinDesk, revenues from USDsui are reinvested directly into the Sui ecosystem.13

In the same quarter, Ethena Labs, the protocol behind the $14 billion USDe synthetic dollar, partnered with Sui to launch suiUSDe14 and USDi15 natively on the network, according to Cryptoninjas. Circle’s native USDC is live on Sui.17 18 BlackRock’s BUIDL fund is integrated with the ecosystem.

On the institutional infrastructure side, Nansen integrated in January 2026, bringing AI-powered wallet analytics and smart money tracking dashboards to the network, as reported by Live Bitcoin News.19 ZenLedger deployed enterprise-grade crypto tax and compliance tooling on Sui in December 2025, according to Blockchain Reporter.20 Fireblocks completed institutional custody integration. Ondo Finance uses Sui for real-world asset tokenization.

In December 2025, SAGINT and ReElement Technologies signed an agreement with Sui to tokenize critical mineral warehouse receipts for US defense and government customers, delivering end-to-end supply chain traceability on-chain, according to Crypto News.21 CCP Games, the studio behind the EVE Online, a powerful mainstay in online gaming since its May 2003 release, is migrating its blockchain MMOG EVE Frontier from an EVM testnet to Sui, with the transition scheduled for Q1 to Q2 2026, according to eGamers.22

That combination, payments infrastructure, institutional analytics, compliance tooling, defense supply chain tokenization, and major gaming studios, is what an infrastructure layer attracts.

The Canary Staked SUI ETF (NASDAQ:SUIS) packages that infrastructure thesis into a listed product with a NASDAQ ticker.

What Canary’s Recent Launches Already Showed the Market

This is not Canary Capital’s first time translating a high-performance digital asset network into a listed wrapper (exchange-traded product).

The Canary XRP ETF (NASDAQ:XRPC) became one of the most closely watched non-Bitcoin crypto ETF launches of 2025.23 Canary’s spot XRP ETF posted $26 million in trading volume in its first 30 minutes,24 then closed its first day at $58 million,25 surpassing every ETF debut that year, including several Bitcoin products.26

The pattern was not unique to XRP. When Bitwise’s Solana staking ETF opened, it generated roughly $55 million in first-day trading volume.27 When RXR Osprey’s XRP product debuted, it crossed $100 million in assets under management within weeks.28 

The throughline across all of these launches is identical: once a digital asset network moves from exchange-only access into a listed ETF wrapper, a different class of investor can participate. Advisors can allocate. Institutions can size positions. Capital that was previously locked out finds a path in.

That is the context in which the Canary Staked SUI ETF (NASDAQ:SUIS) launched on February 18, 2026.

Canary Capital filed the initial S-1 with the SEC on March 17, 2025, the first spot SUI ETF filing with staking in US history.29 The fund completed SEC review, filed two post-effective amendments in December 2025 to establish the staking provisions and 0.75% sponsor fee.*

The question investors are now asking is not whether this product exists. It does. The question is where it sits in the adoption curve.

Why are investors looking at the Canary Staked SUI ETF?
Many investors look for opportunities in breakthrough sectors before Wall Street catches on. AI agents are coming. The major technology companies have made that clear. In September 2025, Google named Sui as the launch partner for its Agentic Payments Protocol. The Canary Staked SUI ETF gives investors exchange-traded exposure to the token that powers that network.

Top 8 Reasons

to Get SUIS on Your Radar

1

SUI exposure inside a NASDAQ-listed ticker. Crypto adoption is moving from wallet complexity to ticker convenience. The Canary Staked SUI ETF (NASDAQ:SUIS) trades on NASDAQ, so exposure to the blockchain Google selected for agentic payments can sit inside the same brokerage dashboard used for equities, bonds, and any other listed product. No exchange account. No seed phrase. No custody management required.

2

One of the first US-listed spot SUI ETP with embedded staking rewards. The Canary Staked SUI ETF (NASDAQ:SUIS) brings exposure to SUI in a registered, exchanged-traded structure, while also enabling investors to benefit from net staking rewards generated through SUI’s proof-of-stake mechanism30 As of May 19, 2026, gross staking yield was 1.73% and net staking yield was 1.56% annualized APY, both reflected directly in NAV.31 At current yields, the staking return32 exceeds the 0.75% sponsor fee33 before any price movement is factored in.*

3

Google named Sui the launch partner for its Agentic Payments Protocol. This is not a sponsorship or co-marketing arrangement. According to CoinDesk, Sui was selected as the infrastructure layer for AI agents to conduct autonomous financial transactions.34 That selection came from one of the most technically rigorous organizations in the world, and it was based on specific performance characteristics, not brand relationships.

4

$111 billion in stablecoin volume is not a projection. It already happened. Sui processed over $111 billion in stablecoin transfers in January 2026 alone.35 DEX trading volume exceeded $10 billion in a single month in early 2026. Total Value Locked (TVL) peaked at $2.6 billion.36 These are reported figures, not estimates, from a network that has been live for under three years.

5

A stablecoin stack built by Stripe, Ethena, and Circle. The USDsui stablecoin came from Stripe’s Bridge platform. suiUSDe and USDi came from Ethena Labs. Native USDC came from Circle. When three credible names in digital payments each choose the same network for their dollar-denominated products, that is a signal about which infrastructure layer they trust.

6

Institutional custody and a provider stack investors already recognize. Digital asset custody is handled by BitGo Trust Company. Cash custody and fund administration sit with U.S. Bank, N.A. and U.S. Bancorp Fund Services, LLC. Authorized SUI trading counterparties include Jane Street Capital, Virtu Americas, Macquarie Capital, and Cantor Fitzgerald. This is the same provider stack that underpins other institutional products, not an experiment in new infrastructure.

7

A fixed supply with two built-in deflationary mechanics. SUI has a hard cap of 10 billion tokens. No additional SUI can ever be minted.37 Sui uses a storage fund: a dedicated pool of SUI that pays validators to store data long term. Part of every storage fee flows into this fund instead of back onto the market, and a slice of every gas fee38 is permanently burned as activity grows. The full token vesting timeline is publicly tracked on Tokenomist.39 Investors can review every scheduled unlock event before making any decision.

8

The discovery window tends to be earliest right after listing. New products get found in phases: listing, then research coverage, then flows, then broader awareness. The pattern repeated with XRP, Solana, and Hedera. The Canary Staked SUI ETF (NASDAQ:SUIS) launched on February 18, 2026. That early window is where investor attention typically matters most, before the product is fully priced into broader market coverage and analyst distribution.

*Staking yields are variable and not guaranteed

Why Sui Was Chosen, and Why the Staking Wrapper Changes the Picture

To understand why Canary built a staking product rather than a standard spot fund, it helps to understand how Sui’s proof-of-stake system actually works.

Sui runs in approximately 24-hour epochs: transactions settle in near real time, while staking rewards are distributed and the validator set is refreshed at each epoch boundary.

Token holders delegate SUI to validators who process and verify network transactions. Those validators earn proportional rewards each epoch, passed back to delegators. Approximately 1.1 billion SUI, roughly one-third of the current circulating supply, is staked at any given time.40 The net annual percentage yield (APY) of the Canary Staked SUI ETF (NASDAQ:SUIS) runs at approximately 1.56% as of May 19,41 while the gross staking yield is 1.73%.

In a traditional spot ETF, the fund holds the asset and tracks price. Full stop.

In the Canary Staked SUI ETF (NASDAQ:SUIS), the fund holds the asset, tracks price, and stakes up to 100%** of those holdings42 so that rewards accumulate inside the net asset value (NAV). Shareholders get both price exposure and staking yield exposure, delivered through an exchange-traded product (ETP) with no wallet management required.

That yield is variable and will compress over time as Sui’s stake subsidy schedule decays. But at current rates, the net staking yield exceeds the 0.75% annual sponsor fee.

Adeniyi Abiodun, Co-Founder and CPO of Mysten Labs, described the launch directly: 

"Today marks an important milestone for both institutional and retail access to the Sui ecosystem. Sui was built to serve as the foundation for a new global economy, and this launch unlocks exposure for investors who believe in the technology powering that innovation."
— Adeniyi Abiodun, Co-Founder and CPO of Mysten Labs

Steven McClurg, CEO of Canary Capital, framed the structure in the same way: 

"The Canary Staked SUI spot ETF brings exposure to SUI in a registered, exchange-traded structure, while also enabling investors to benefit from net staking rewards generated through SUI's proof-of-stake mechanism."
— Steven McClurg, CEO of Canary Capital

Most investors cannot easily stake tokens directly, access the right validators, manage unstaking windows, or track yield accrual across custody systems. The Canary Staked SUI ETF (NASDAQ:SUIS) handles all of that inside the wrapper and reflects the outcome in NAV.

** The Fund seeks to stake substantially all of its SUI holdings through one or more third-party staking providers participating in Sui’s proof-of-stake network. However, a portion of the Fund’s SUI may be held unstaked from time to time at the Sponsor’s discretion to facilitate redemptions, pay expenses, or otherwise protect the Fund’s assets.

What the Structure Actually Looks Like

The product is straightforward once you strip it to its components.

The Canary Staked SUI ETF (NASDAQ:SUIS) holds SUI tokens and uses a price index to determine its daily value, allowing investors to gain exposure to SUI through an ETP.43 Not futures.44 Not derivatives.45 Spot exposure to the underlying asset through Sui’s Delegated Proof-of-Stake mechanism (DPoS), which allows SUI token holders to delegate their tokens to any validator of choice.46 NAV is calculated each trading day using the CoinDesk SUI USD CCIXber 60m New York Rate as the pricing benchmark.

Digital asset custody sits with BitGo Trust Company. Cash custody and fund administration sit with U.S. Bank N.A. and U.S. Bancorp Fund Services, LLC. SUI trading counterparties include Jane Street Capital, Virtu Americas, Macquarie Capital, and Cantor Fitzgerald. These firms create and redeem shares in blocks of 10,000 units, keeping the market price aligned with NAV through standard ETF arbitrage mechanics.

The sponsor fee is 0.75% annually.  As of May 19, 2026, gross staking yield was 1.73% and net staking yield was 1.56% annualized APY, both reflected directly in NAV,47 meaning the yield materially exceeds the fee. The full prospectus is available at Canaryetfs.com/suis and through SEC EDGAR filings under the fund name Canary Staked SUI ETF.

The Canary Staked SUI ETF (NASDAQ:SUIS) trades on NASDAQ under the ticker SUIS during standard US market hours. It can be purchased or sold through any brokerage account with access to NASDAQ-listed securities.

This is not an experiment. It is a listed product, designed to behave like one.

The question is not whether the Canary Staked SUI ETF (NASDAQ:SUIS) exists.

It does.

The question is how quickly the market recognizes what just became accessible: the blockchain Google chose for the AI economy, packaged inside a NASDAQ ticker, which seeks to generate staking yield, inside a registered wrapper, available through any standard brokerage account.

That early window is where attention tends to matter most. And that is exactly where this product finds itself right now.

Investors who want to follow this story as it develops, including access to the full Sui and SUIS comprehensive research report, can subscribe to the Trading Whisperer newsletter for ongoing coverage and updates.

Important Disclosures

This document is provided for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Past performance is not indicative of future results. Investing in the Canary Staked SUI ETF (NASDAQ:SUIS) involves significant risk, including the possible loss of principal. Digital assets are highly volatile. Yields are paid in SUI tokens and are subject to token price fluctuation. Prospective investors should carefully read the fund’s full prospectus before making any investment decision. Canary Capital Group LLC is the sponsor of the Canary Staked SUI ETF. Data sourced from Sui Foundation, CoinDesk, Messari, Canary Capital, and BusinessWire. Statistics reflect figures available as of March 2026.

*Brokerage commissions apply and will reduce returns.

Why are investors looking at the Canary Staked SUI ETF?
Many investors look for opportunities in breakthrough sectors before Wall Street catches on. AI agents are coming. The major technology companies have made that clear. In September 2025, Google named Sui as the launch partner for its Agentic Payments Protocol. The Canary Staked SUI ETF gives investors exchange-traded exposure to the token that powers that network.

Disclaimer

Get Money
Saving Tips

Learn how to save and make more money with our exclusive tips and insights that we only share with our private newsletter subscribers.

Privacy Policy