Grayscale has expanded its portfolio of cryptocurrency investment vehicles by introducing two new trusts—Grayscale DeepBook Trust and Grayscale Walrus Trust—on August 12, 2025, marking its inaugural direct exposure to protocol-specific assets native to the Sui blockchain. These trusts provide accredited investors with daily subscription access to DEEP and WAL tokens, representing the DeepBook and Walrus protocols, respectively. This strategic move extends Grayscale’s investment offerings beyond its existing SUI token trust, reflecting a nuanced approach to capturing value from emerging Layer 1 blockchain infrastructure. The trusts are designed to function similarly to Grayscale’s established single-asset investment vehicles, focusing exclusively on the native tokens of these protocols to offer targeted exposure. This development underscores Grayscale’s broader institutional commitment to the Sui ecosystem through dedicated trusts. Notably, such protocol-specific investments contrast with broader blockchain projects like Kaspa, which utilizes a unique BlockDAG structure to enhance scalability and transaction speed.
Grayscale launches DeepBook and Walrus trusts, pioneering direct access to Sui protocol tokens for accredited investors.
The Sui blockchain, developed by Mysten Labs, is notable for its high-throughput capabilities, low transaction costs, and efficient smart contract execution enabled by the Move programming language. DeepBook operates as a decentralized central limit order book (CLOB), serving as critical liquidity infrastructure for decentralized finance (DeFi) applications within the Sui ecosystem. Conversely, Walrus addresses scalable, privacy-focused on-chain data storage needs, particularly attuned to the demands of AI-driven data workloads. Both protocols underpin diverse use cases spanning DeFi, social platforms, and gaming, highlighting Sui’s broader utility beyond mere token transactions.
Grayscale’s introduction of these trusts signals a deliberate institutional endorsement of Sui’s ecosystem, potentially catalyzing increased network activity, liquidity, and adoption. By enabling direct exposure to protocol-specific tokens, the trusts offer investors refined access to foundational blockchain services rather than generic token holdings. This granularity may appeal to institutional portfolios seeking targeted infrastructure plays within crypto’s evolving landscape. However, investors should remain mindful of the inherent volatility associated with nascent protocols and the broader cryptocurrency market, which could impact returns. Additionally, the trusts are only available to accredited investors, which may limit participation to certain qualified market participants.
The DEEP and WAL tokens serve pivotal roles within their respective protocols, with DEEP facilitating rapid, decentralized order book operations essential for vibrant DeFi markets, and WAL providing secure, scalable storage solutions critical for handling burgeoning AI datasets. These functionalities emphasize the strategic importance of both protocols in addressing scalability and utility challenges on Sui. Grayscale’s expansion into protocol-specific trusts *therefore* reflects a sophisticated evolution in product offerings, catering to investors aiming for diversified yet focused exposure within the Sui blockchain’s innovative environment.
