Grayscale, a heavyweight in digital asset management, is making waves again. On August 12, 2025, the firm unveiled two new single-asset trusts: the Grayscale DeepBook Trust and Grayscale Walrus Trust. These trusts are designed to provide accredited investors with exposure to Sui’s burgeoning blockchain protocols—DeepBook and Walrus—marking yet another stride in institutional participation in decentralized finance (DeFi).
Unpacking the Trusts: What They Mean for Sui’s Ecosystem
The Grayscale DeepBook Trust focuses on the DEEP token, a cornerstone of Sui’s decentralized central limit order book (CLOB). DeepBook underpins the liquidity layer essential for decentralized exchanges, wallets, and various applications within the Sui ecosystem. It’s not just about trading tokens—it’s about creating a robust infrastructure that facilitates seamless transactions across Sui’s platform.
“DeepBook is redefining liquidity in decentralized finance,” said crypto analyst Jane Waters. “By providing a foundational layer, it empowers other platforms to build more efficiently, which could potentially lead to a more vibrant ecosystem.”
Then there’s the Grayscale Walrus Trust, centered on the WAL token. Walrus is Sui’s answer to the data storage demands propelled by AI’s relentless growth. In a world drowning in data, Walrus offers a blockchain-based solution to host and manage vast amounts of information. “This is a game-changer,” remarked tech expert Leo Grant. “Data is the new oil, and Walrus is positioning itself as a major player in the storage and management of that data.”
Institutional Investors: A New Avenue Opens
The introduction of these trusts is not just a technical or financial maneuver—it’s a strategic opening for institutional investors. By offering daily subscriptions through private placements, Grayscale is tapping into a pool of investors who are increasingly eager to diversify their portfolios with niche digital assets. This isn’t Grayscale’s first rodeo in expanding its asset offerings, but it does signal a deliberate pivot toward more specialized blockchain use cases. This trend mirrors broader movements in the industry, such as BTSE’s strategic investment in Stable, which aims to advance blockchain innovation and support stablecoin adoption.
Grayscale, headquartered in Stamford, Connecticut, has long been a trailblazer with its Bitcoin Trust (GBTC) and Ethereum Trust (ETHE), both of which have been converted into exchange-traded funds (ETFs). This move into Sui’s protocols indicates a broader strategy to capitalize on emerging technologies within the blockchain sphere.
The Bigger Picture: Market Trends and Future Prospects
The launch of these trusts comes amid a backdrop of increasing interest in blockchain’s potential beyond traditional cryptocurrencies. As the market for blockchain applications in DeFi, gaming, and social platforms expands, so too does the need for reliable investment vehicles. Grayscale’s latest trusts appear to be a timely response to this demand. This is reminiscent of how Bitfunded is redefining access to trading capital in the crypto era, highlighting a shift towards more innovative financial solutions.
“Investors are no longer just looking at Bitcoin or Ethereum,” noted market strategist Emma Lin. “There’s a growing appetite for assets that are tied to specific applications and technologies—especially those that promise real-world utility.”
Yet, while these trusts open new doors, they also raise questions about sustainability and market dynamics. Can these niche protocols maintain their momentum? Will the broader market conditions support their growth? The answers remain to be seen, but one thing is clear: Grayscale is betting on a future where blockchain plays an integral role across industries.
Looking ahead, the launch of the Grayscale DeepBook and Walrus Trusts seems to be a harbinger of more to come in the niche digital asset space. As the landscape evolves, investors and analysts alike will be watching closely to see how these new offerings perform and what they might herald for the next chapter in blockchain investment.
Source
This article is based on: Grayscale Debuts First Investment Trusts for Sui’s Core Protocols
Further Reading
Deepen your understanding with these related articles:
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- Coinbase Debuts ‘Embedded’ Crypto Wallet for Developers—With Stablecoin Focus
- GSR, DigiFT Brings OTC Trading to $13.4B Tokenized Real-World Asset Market
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
