Key Notes
- Grayscale launches DeepBook and Walrus trusts linked to key Sui blockchain protocols.
- WAL and DEEP tokens saw increased trading activity and price volatility following the launch.
- Institutional investors gain new avenues for exposure to Sui DeFi and data infrastructure.
Grayscale, recognized as one of the largest digital asset-focused investment managers, launched on August 12 two new single-asset trusts providing direct exposure to the DEEP and WAL tokens linked to foundational protocols within the Sui blockchain network.
According to the announcement , the Grayscale DeepBook Trust and Grayscale Walrus Trust mark a strategic expansion of Grayscale’s product suite and shine a spotlight on infrastructure tokens driving innovation in decentralized finance (DeFi) and on-chain data services, particularly within the Sui ecosystem. These launches come almost one year after Grayscale announced the debut of the Sui Trust.
Grayscale Opens Door to Sui’s Essential Infrastructure Tokens
Both new trusts allow accredited individual and institutional investors to subscribe daily, offering direct investment into DeepBook (DEEP) and Walrus (WAL), two projects that address core needs within the Sui blockchain.
DeepBook serves as a central limit order book, providing high-performance liquidity infrastructure for DeFi protocols. Walrus , meanwhile, operates as a scalable, privacy-focused on-chain data layer, enabling secure data storage and sharing across a range of decentralized applications.
Rayhaneh Sharif-Askary, Head of Product & Research at Grayscale, commented that this move grants investors exposure to “two key protocols driving innovation within the Sui ecosystem.” Mysten Labs co-founder and CPO Adeniyi Abiodun called the launch “a seminal moment” for Sui, highlighting the importance of DeepBook and Walrus in supporting the network’s financial and data infrastructure.
DEEP and WAL Tokens Surge Following Trust Announcements
The launch of the trusts coincided with notable price activity for both tokens. As of August 12, the WAL token traded around $0.43, showing an increase of approximately 7% in the past 24 hours, with a market capitalization of nearly $606 million and a 24-hour trading volume of about $28 million, according to CoinMarketCap .
The DEEP token was priced at roughly $0.17 on major exchanges, registering a gain of more than 12% over the same period, with a market capitalization estimated at $583 million and daily trading volumes exceeding $42 million. Both tokens experienced heightened volatility in the wake of Grayscale’s announcement, reflecting growing investor interest and sector-wide momentum.
Grayscale’s Recovery: From Crisis to $50 Billion Valuation
In 2023, the company went through a crisis with the collapse of FTX, where it had to sell more than $800 million of assets to recover from the market downturn. Also, it was notable that its Grayscale Bitcoin Trust, one of the more in-demand tools for institutional investors exposed to Bitcoin, reached equilibrium in April 2024, after being at a discount for almost one year and producing losses for the company.
Grayscale is making many launches of financial products this 2025 with these new trusts and the recently announced Story Trust in July. All these new debuts of Grayscale’s trusts are preparing the way for their launch to the market, with a valuation of $50 billion , amid the latest crypto-friendly regulation in the United States.
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