21Shares Sui ETF
AI Executive Summary
AI-powered analysis of 10-Q filing content
21Shares Sui ETF, a newly launched crypto ETF (inception Nov 2025), has experienced severe value erosion with SUI holdings valued at $12.6M versus a cost basis of $23.2M, representing a ~45% unrealized loss since inception. Net assets declined from $15.1M to $12.6M in the quarter alone, driven by continued SUI price depreciation, realized losses on redemptions, and thin trading volume evidenced by a 2-for-1 reverse share split just months after listing.
Red Flags Detected (7)
Investment in SUI cost basis $23.2M vs fair value $12.6M - a ~45.5% unrealized loss since inception
Cumulative accumulated losses of $12,028,589 against paid-in capital of $24,666,447
2-for-1 reverse share split executed just ~4 months after Feb 2026 listing, indicating declining share price
4 more red flags detected
Key Takeaways
Fund is extremely young (seeded Nov 2025, listed Feb 2026) and already showing significant capital impairment
Extreme concentration risk with essentially a single DTC shareholder of record
3 more takeaways
Filing Overview
What This Means
Deteriorating Trend: Conditions are worsening compared to previous filings. This may create opportunities for service providers.
Quarterly Report: Interim filing with unaudited financial data for the quarter.