Canary Staked SUI ETF
AI Executive Summary
AI-powered analysis of 10-Q filing content
Canary Staked SUI ETF, a newly formed single-asset crypto trust (inception Feb 17, 2026), reported a net asset decline from $24.2M to $20.4M during the quarter, driven by a $7.49M unrealized loss on its SUI holdings since inception—roughly 27% below cost basis. While staking generates modest income ($134,887 since inception) that keeps net investment income positive, the fund's performance is almost entirely dictated by SUI's volatile price, and the trust has essentially no operating history or diversification to offset market swings.
Red Flags Detected (5)
Unrealized loss of $7,491,763 on SUI holdings since inception (cost $27.9M vs. fair value $20.4M), a ~27% decline
Net assets fell $3.79M during the quarter alone despite continued share issuances, indicating price depreciation outpacing inflows
100% portfolio concentration in a single, highly volatile digital asset (SUI) with no diversification
2 more red flags detected
Key Takeaways
NAV per share stands at $18.05, down materially from the implied ~$20+ average cost basis per share
Staking income ($91,814 for the quarter) partially offsets sponsor fees but is dwarfed by unrealized crypto losses
2 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.