Grayscale launches DeepBook and Walrus trusts for exposure to DEEP and WAL tokens — two Sui protocols

The Block

2025-08-12 21:00:00

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Crypto asset manager Grayscale has launched two new single-asset investment trusts offering exposure to the native tokens of DeepBook and Walrus, two protocols providing trading and data infrastructure within the Sui blockchain ecosystem.

The Grayscale DeepBook Trust and Grayscale Walrus Trust will hold only DEEP and WAL tokens, respectively. Both protocols are native to the Sui network, a Layer 1 blockchain developed by Mysten Labs that uses the Move programming language and parallel transaction processing to deliver high throughput and low fees. Grayscale already offers a trust for the SUI token itself.

DeepBook is a central limit order book on the Sui blockchain, serving as a liquidity layer for decentralized finance applications in the network. Walrus is a data layer that lets developers store and share information directly onchain, with a focus on scalability and privacy for use cases such as gaming and social platforms. While native to Sui, Walrus is chain-agnostic and can store data from any blockchain.

The trusts are open for daily subscription by eligible accredited individual and institutional investors via private placement. As with Grayscale’s other single-asset products, such as its recently launched Story, Space and Time, and Dogecoin trusts, there is no guarantee the new products will be approved for secondary market trading.

Rayhaneh Sharif-Askary, Grayscale’s head of product and research, said the products give investors exposure to "two key protocols driving innovation within the Sui ecosystem." Mysten Labs co-founder and chief product officer Adeniyi Abiodun called the launches "a seminal moment" for Sui, adding that Walrus and DeepBook provide “crucial infrastructure” for blockchain adoption.

Grayscale cautioned that both protocols are relatively new and carry risks, including extreme token price volatility and potential technical issues. DEEP and WAL are ranked 226th and 168th by market capitalization at $372 million and $559 million, respectively, according to The Block's DEEP and WAL token price pages. DEEP is currently priced at $0.15 and WAL at $0.40, down about 5% and 3%, respectively, in the past 24 hours.

Founded in 2013, Grayscale is the largest crypto investment platform with over $35 billion in assets under management, offering single-asset, diversified, and thematic products. Last week, the firm appointed four senior executives and brought back founder Barry Silbert as board chairman, following its confidential IPO filing last month.

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