Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stock holder Matters and Issuer Purchases of Equity Securities
Market Information
From August 1, 2024 (the commencement of the Trust’s operations) to February 17, 2026, Grayscale Securities was the only acting Authorized Participant of the Trust. On or after February 17, 2026, the Sponsor, on behalf of the Trust, and the Transfer Agent entered into Participant Agreements with a number of unaffiliated Authorized Participants in connection with the listing and trading of the Shares of NYSE Arca. As of the date of this Annual Report, Jane Street Capital, LLC and Virtu Americas LLC have agreed to act as Authorized Participants. The Shares commenced trading on NYSE Arca on February 18, 2026 under the ticker symbol “GSUI.”
Holders of Record
As of December 31, 2025, there were approximately 28 DTC participating shareholders of record of the Trust. Because most of the Trust’s Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders.
Dividends
The Trust made no distributions to shareholders during the year ended December 31, 2025 and the period from August 1, 2024 (the commencement of the Trust’s operations) to December 31, 2024. The Trust has no obligation to make periodic distributions to shareholders.
Recent Sales of Unregistered Shares
As of December 31, 2025, the Registrant had distributed 212,900 Shares at varying prices determined by reference to the NAV per Share to selected “accredited investors,” within the meaning of Rule 501 of Regulation D under the Securities Act. The Shares were sold in connection with an ongoing offering pursuant to Rule 506(c) of Regulation D under the Securities Act. Grayscale Securities acted as the Authorized Participant with respect to these distributions. In exchange for these sales, the Trust received an aggregate of 3,175,980.67301941 SUI. Because Shares have been, and continue to be, created and issued on a periodic basis, a “distribution,” as such term is used in the Securities Act, may be occurring from time to time. As a result, an Authorized Participant facilitating the creation of Shares and acting as a distributor and marketer during any such period may be deemed an “underwriter” under Section 2(a)(11) of the Securities Act. No underwriting discounts or commissions were paid to an Authorized Participant with respect to such sales.
Item 6. [ R e served]
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