- The Grayscale DeepBook Trust and Grayscale Walrus Trust offer accredited investors direct exposure to two core Sui blockchain protocols.
- DeepBook has processed over US$10B (AU$15.35B) in trades, while Walrus raised US$140M (AU$214.84M) for scalable, privacy-focused on-chain data storage.
- Sui’s DeFi activity reached a record US$2.3B (AU$3.53B) TVL in July, with both tokens carrying volatility and technical risk warnings.
Crypto asset manager Grayscale has launched two new single-asset trusts designed to give accredited investors direct exposure to DeepBook (DEEP) and Walrus (WAL), both native protocols of the Sui blockchain.
Named the Grayscale DeepBook Trust and Grayscale Walrus Trust, the products will hold only DEEP and WAL tokens, respectively. The trusts can be subscribed to daily via private placement by eligible investors.
Rayhaneh Sharif-Askary, Grayscale’s head of product and research, said the trusts “offer investors exposure to two key protocols driving innovation within the Sui ecosystem.”
DeepBook and Walrus provide infrastructure designed for high-performance on-chain liquidity and data, helping power the next wave of scalable, real-world blockchain applications.
Rayhaneh Sharif-Askary, Head of Product and Research at GrayscaleRelated: Grayscale: Bitcoin ETF Approval Is a ‘Matter of When, Not If’
Protocol capabilities
DeepBook acts as a central limit order book within the Sui network, providing a liquidity foundation for decentralised finance services. It has processed more than US$10 billion (AU$15.35 billion) in trades.
Walrus is a data storage system built for on-chain scalability and privacy, with applications in gaming, social media, and AI data hosting. The Walrus Foundation raised US$140 million (AU$214.84 million) in March 2025.
Since its May 2023 debut by Mysten Labs, Sui has been built to handle high transaction throughput and low latency through parallel processing. Its DeFi activity hit a record total value locked (TVL) of US$2.3 billion (AU$3.53 billion) on 28 July before dropping to US$2.2 billion (AU$3.37 billion).
Grayscale warned that DEEP and WAL are relatively new and subject to significant risks, including extreme volatility and technical issues. At present, DEEP is valued at US$0.15 (AU$0.23) with a US$372 million (AU$570.88 million) market capitalisation, while WAL is priced at US$0.40 (AU$0.61) and capitalised at US$559 million (AU$857.84 million).
Grayscale, founded in 2013, oversees more than US$35 billion (AU$53.71 billion) across a range of crypto investment products.
Related: Sui Hits All-Time High Amid Strategic Partnership Announcement
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