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Grayscale Sui Staking ETF, a trust holding SUI tokens at fair value, reported net assets of $4.301 million as of December 31, 2025, down 66% from $12.635 million at year-end 2024. This decline was driven by a net decrease in net assets resulting from operations of $8.782 million, contrasting with a $4.932 million increase in the prior period from August 1 to December 31, 2024. Key factors included zero investment income, a $234 thousand sponsor's fee expense yielding net investment loss of $234 thousand, a $35 thousand net realized gain on SUI, and a significant $8.583 million net change in unrealized depreciation on SUI investments. Principal market NAV per share fell to $20.20 from $61.90, reflecting SUI price drop from $4.17 to $1.40 per token amid holdings of approximately 3.08 million SUI (cost basis $7.929 thousand). Shares outstanding rose slightly to 212,900 from 204,100 via $448 thousand in capital share transactions. The trust's performance tracks SUI value net of fees, highlighting crypto volatility for investors.