Grayscale Investments has broadened its footprint in the crypto sector, moving beyond Layer 1 tokens to target the infrastructure powering one of blockchain’s fastest-growing ecosystems — Sui. On August 12, the firm announced the launch of two new single-asset investment trusts linked to DeepBook (DEEP) and Walrus (WAL), key protocols within the Sui network.
Grayscale InvestmentsThe DeepBook protocol serves as Sui’s central limit order book, enabling high-speed, institutional-grade liquidity for decentralized trading. Walrus focuses on scalable, privacy-conscious on-chain data storage, designed to support decentralized finance (DeFi), gaming, and social applications. Together, they form critical components of Sui’s architecture.
According to Grayscale, these trusts will offer accredited investors direct exposure to Sui’s liquidity and data layers — an approach that shifts attention from speculative Layer 1 token plays to the underlying protocols that drive real-world blockchain adoption.
“This is a seminal moment in the journey of the Sui ecosystem,” said Adeniyi Abiodun, Co-Founder and CPO at Mysten Labs, the developer behind Sui. “Since the network’s launch, we’ve worked to deliver infrastructure that can serve the broader blockchain ecosystem, and these protocols are central to that mission.”
Market reaction to the announcement was immediate. CoinMarketCap data shows DEEP’s price rising 12% to $0.1691, while WAL climbed 7% to $0.4304, reflecting investor optimism following Grayscale’s endorsement. As of the announcement, DEEP and WAL held market capitalizations of approximately $580 million and $609 million, ranking 113th and 110th among cryptocurrencies.
Grayscale has opened daily subscriptions for both trusts but cautioned that the products carry significant risks. The DEEP and WAL protocols are still relatively new, with adoption patterns yet to be proven, and the tokens remain highly volatile. There is also no guarantee that the trusts will be listed for secondary market trading, a common limitation of Grayscale’s single-asset offerings.
With this move, Grayscale signals a deeper institutional interest in protocol-level blockchain investments — a sector that may prove pivotal as the industry shifts toward scalable, application-ready infrastructure.
