Grayscale Launches DeepBook and Walrus Trusts, Expanding Sui Blockchain Investment Options

Grayscale Investments, the world’s largest digital asset-focused investment platform, has unveiled two new products – the Grayscale DeepBook Trust and Grayscale Walrus Trust aimed at providing accredited investors with direct exposure to DEEP and WAL, the native tokens of two core protocols in the rapidly growing Sui blockchain ecosystem.

The launch on August 12, 2025, comes as institutional and retail interest in Sui accelerates, building on the success of last year’s Grayscale Sui Trust. Both new trusts function like Grayscale’s other single-asset investment vehicles, allowing investors to participate in the growth of individual blockchain protocols without direct token custody.

DeepBook: Sui’s Liquidity Backbone

DeepBook is a decentralized central limit order book (CLOB) built natively on Sui, acting as the foundational liquidity layer for its DeFi ecosystem. Designed for low-latency, high-throughput performance, DeepBook brings institutional-grade trading infrastructure to blockchain markets, enabling:

• Permissionless trading at scale
• Efficient price execution
• Seamless integration with decentralized exchanges, lending platforms, and wallets

Since launch, DeepBook has processed over $10 billion in on-chain trading volume. The DEEP token, valued at $0.15–$0.17 as of August 12, has a market cap between $372–$583 million, and saw a 12% price jump in the 24 hours following the trust’s debut.

Walrus: Chain-Agnostic Data Infrastructure

Walrus addresses one of Web3’s most pressing needs: secure, programmable, and scalable on-chain data management. It allows developers and users to store and share information directly on-chain, with scalability and privacy baked in.

Key features include:

• Chain-agnostic storage : compatible with any blockchain.
• Support for gaming, social, AI-driven, and productivity applications.
• Privacy-first architecture for sensitive data.

In March 2025, Walrus raised $140 million from investors including Standard Crypto. The WAL token, priced at $0.40–$0.43 post-launch, carries a market cap between $559–$606 million and saw a 7% gain within 24 hours.

Institutional Access and Risks

Both trusts are open for daily subscription via private placement to accredited investors. However, Grayscale warns that:

• There’s no guarantee of secondary market trading approval
• Shares may remain illiquid indefinitely
• Price volatility and technological risks remain, given both protocols are relatively new

Rayhaneh Sharif-Askary, Head of Product & Research at Grayscale, said:

“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.”

Adeniyi Abiodun, Co-Founder and CPO at Mysten Labs, called the launches “a seminal moment” for the Sui ecosystem, adding:

“Through continued innovation, Sui is helping to shape the future of blockchain applications, and we believe Walrus and DeepBook will play a major role in that movement.”