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Grayscale Launches New Trusts for Core Sui Blockchain Protocols
Grayscale, a leading crypto asset management firm, has introduced two new single-asset investment trusts aimed at providing accredited investors with direct access to vital Sui blockchain protocols: the Grayscale DeepBook Trust and the Grayscale Walrus Trust.
Trust Overview
These trusts are designed specifically for holding DEEP and WAL tokens, respectively. Investors can subscribe to these trusts daily via private placements if they meet the accredited investor criteria. Rayhaneh Sharif-Askary, Grayscale’s Head of Product and Research, emphasised that these products offer critical exposure to essential protocols driving innovation within the Sui ecosystem.
DeepBook and Walrus serve as fundamental infrastructures aimed at delivering high-performance on-chain liquidity and data storage capabilities. They are integral to facilitating the development of scalable and innovative blockchain applications.
Protocol Functionality
DeepBook acts as a central limit order book within the Sui network, creating a foundation for decentralised finance (DeFi) services. The protocol has successfully processed over US$10 billion (approximately AU$15.35 billion) in trades.
Walrus, on the other hand, is engineered for on-chain scalability and privacy-focused data storage. It finds utility in various fields such as gaming, social media, and artificial intelligence (AI) data hosting. Notably, the Walrus Foundation secured US$140 million (about AU$214.84 million) in funding in March 2025 to facilitate ongoing development.
Since its inception by Mysten Labs in May 2023, the Sui blockchain has been optimised to support high transaction throughput and low latency through innovative parallel processing techniques. In July, Sui’s DeFi sector reached a staggering total value locked (TVL) of US$2.3 billion (AU$3.53 billion), although this figure has since slightly declined to US$2.2 billion (AU$3.37 billion).
Investment Risks
Grayscale has issued warnings regarding the risks associated with investing in DEEP and WAL, as both tokens are relatively new and carry significant volatility and technical challenges. Currently, DEEP is priced at US$0.15 (AU$0.23) with a market cap of approximately US$372 million (AU$570.88 million), whereas WAL is valued at US$0.40 (AU$0.61) with a market capitalisation of around US$559 million (AU$857.84 million).
Grayscale’s Position in the Market
Established in 2013, Grayscale manages over US$35 billion (AU$53.71 billion) across a diverse portfolio of crypto investment products, positioning itself as a significant player in the evolving digital asset landscape.
Related Insights: The firm’s broader market strategies and products also include a discussion on the anticipated approval of a Bitcoin ETF, indicating that their outlook is optimistic regarding cryptocurrency regulation and acceptance in mainstream finance.
In summary, Grayscale’s recent launch of the DeepBook and Walrus Trusts offers unique investment opportunities in the burgeoning Sui ecosystem. However, potential investors should be mindful of the inherent risks associated with these emerging technologies.
