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Inside GSUI with Grayscale
Recorded: March 10, 2026 Duration: 0:16:24Space Recording
Full Transcription
Thank you. Hello.
Hey. Hi. Hey. Hi. Hey. Hi everybody. I'm Adani Abiodun. I'm co-founder and chief product officer of MISTH and LABS. We're the original contributor to SWE, previously working
at Facebook, launching Project Libra, but built the SWE protocol. Today I'm joined by
none other than Ray, AKA RayScale, who's Managing Director
and Head of Product and Research at Grayscale Investments. Hi, Ray.
Hi, it's great to be on. I've been looking forward to this.
Well, Grayscale recently launched G-SWE, the Grayscale SWE trading exchange product
listed on NYSE Arca. This is a fourth SWE focused product. But this is actually more
about, it's actually more to this today. So we want to get into the details, what's behind
and driving the conviction that Grayscale has behind SWE, why now and what ultimately
comes next. So Ray, Grayscale has now launched four SWE focused products, not just SWE,
but Walrus, Deep for Deepbook, which are
core primitives of the SWE ecosystem. So could you walk us through that journey? What keeps
bringing Grayscale back to the SWE ecosystem? Absolutely. So at Grayscale, we're focused
on giving investors access to the ecosystems that are shaping the future of blockchain and digital
assets. We were relatively early on SWE. We launched our first product, the private placement,
in 2024 and then deep and wall followed in 2025. Our conviction in SWE has deepened as the network
has matured. What began as interest in a next generation layer one has evolved into recognition of a broader ecosystem taking shape around it.
We like that SWE was built with performance and scale in mind from day one.
And the MISTN team has taken really meaningful strides in abstracting away the frictions associated with using blockchains.
acting away the frictions associated with using blockchains.
And that becomes very important when you're evaluating whether infrastructure can support actual financial and commercial activity.
And so what's particularly compelling in the stack forming around the protocol is how the pieces have come together.
So, for example, DeepBook strengthens on-chain liquidity infrastructure.
Walrus addresses data management data decentralized
data management excuse me and these are foundational layers so for us expanding our
sweep focused product lineup reflects conviction in an ecosystem that's increasingly built for real
world use regardless of market cycles yeah Yeah, that really helps.
And if I want to go to a bit more detail,
when a firm like Grayscale expands its sweet product offerings,
what does that mean for the broader market in general?
It means when we expand within a single ecosystem,
it reflects our deep research and our long-term conviction.
It means that this is exposure that
we think belongs in investor portfolios, and we think meaningful innovation is happening
at multiple layers in the ecosystem. Again, we were fortunate enough to be relatively early on
SWEET. I personally have owned it for years now, and as it's grown, it's become a top project by market cap. When we think about the other
ecosystem projects, we want to give investors opportunities to get that lower market cap,
higher beta exposure to earlier stage projects that stand to benefit from the proliferation
of the SWE ecosystem. And we think that SWE differentiates itself from other layer ones in terms of three
things. One, it's technical architecture and performance. Two, user experience. And three,
the developers behind SWE's ecosystem. Mist and Labs plays a huge role as a team of A players.
And they have award-winning technical expertise across cryptography, computer science, and product.
And that's one of the reasons that we are excited about the broader SWE ecosystem.
And, you know, more broadly, as the asset class matures, we want to create opportunities for investors to gain exposure to the technology shaping Web3. And the adoption that you're seeing with Grayscale
also reflects our belief that digital assets
are evolving beyond single token narratives
and towards more complete digital economies.
Yeah, certainly the method now is
everybody is talking more about finance
and we can see a world where, you know,
stable coins have really seen product market fit
and we've seen a massive amount of growth.
And hopefully with market structure and all the new laws
around stablecoins will make it easier for more companies
to get involved and actually simplify how they use
new financial rails in crypto.
I want to jump more into finance itself, right?
Like in your view, as you know, we were working on Libra for quite a while at Facebook,
and we knew the massive opportunity there was to really unlock a lot of financial potential
by having a layer one for the world.
In your view, what is it about Sui's technology that makes it the right foundation for real-world
financial applications?
For us, it's an architecture that enables high throughput applications
and a user experience that can rival today's leading web platforms because for financial
institutions you need the speed efficiency and reliability and sui's programming model was built
to preserve security while scaling and maintaining performance. And, you know, when
I think about blockchain adoption, especially for the financial use cases, I think of like
scalability and better user interface as a huge part and a huge stepping stone to mass adoption.
And so out of all the major blockchains, SWE is the fastest, the most performant and the cheapest.
all the major blockchains, SWE is the fastest, the most performant and the cheapest.
And as activity continues to grow across DeFi and across tokenized assets, this is going to become
increasingly important. When you see more value moving on chain, scale and performance are going
to be paramount. And, you know, they're positioned well as we see mainstream finance continue
to move more on-chain and so
i think that you know sweet in our view swede's design positions it to actually be able to support
the next generation of financial applications yeah let's talk more about the product gsweet
um so you know let's gsweet it's a it's a staking exchange traded product on NYSE Arca, right?
So it's accessible through traditional brokerages, as we all know.
For someone who's never staked crypto before, what does that actually mean?
And why does the structure matter?
And who can now participate that purely just couldn't before?
So a lot of people own tokens outright.
People even know how to stake outright.
But it's not for everybody. It's fairly operationally complex. The ETF structure gives SWE exposure in a form of a traditional security. And that means that you have creations and redemptions that help the price of the ETF track the underlying price of the SWE token. When you have that,
you open up the door to a much broader array of investor segments. That means more institutions,
and specifically, it means the advised channels. When we talk about the advised channels,
we're talking about tens and trillions of dollars, so it's very meaningful.
When we think about staking as
people that are building financial products, for me, it's important that we live in a world now
where digital assets like SWE are income producing. Crypto is an income producing asset.
So as we create products, it's important for us to create products that allow investors to get
access to that revenue stream in a way that's
easy, where they don't actually have to do anything. And that's what investors can get
through G Suite. So if you have a brokerage account or a retirement account, now you can
get staked suite exposure next to your Apple stock or your Amazon stock. And ultimately,
it brings digital asset exposure, including that participation
in staking, including the opportunity to capture that additional revenue stream into a format that
aligns with existing portfolio construction, reporting and compliance frameworks. And so
ultimately, it opens doors. And for investors who require regulated exchange traded vehicles,
and for investors who require regulated exchange-traded vehicles,
this structure expands that access in a very meaningful way.
And it also reflects the continued integration of digital assets
into the traditional financial infrastructure.
It's important to note that G Suite is the only staking ETF for Suite
at this moment in time.
So groundbreaking work that your team has done in getting out to market.
Let's assume you have a crystal ball next, right? Like we're seeing institutions move from
observing crypto to now actually building on chain, whether it be stable coins,
whether it's tokenized assets, enterprise DeFi, it's becoming a thing. Like where does this go
next? What are your broader predictions for the industry? So when I started, I joined the space in 2018.
And at that time, we were talking to institutions and allocators.
And we were explaining what Bitcoin was.
We were doing Bitcoin 101.
And people were literally still on about tulips and tulip bubbles.
And now it's just amazing where we live in a world where institutions are not just investing or building financial products, but they're actually building on the blockchain.
So we're seeing some of the biggest institutions across finance, across financial services, you know, building or integrating with on-chain solutions like JPMorgan, Goldman, the New York Stock Exchange, Visa, MasterCard, are all using
blockchain infrastructure. And that's a key signal and an endorsement of smart contract platforms
like SWE as the infrastructure for the future of capital markets. And so bringing capital markets
on chain is an opportunity that is worth hundreds of trillions of dollars. And when you look at the
numbers, we're really in the first inning with only 0.01% of these assets on chain today.
So while we're early, this is a massive investable opportunity for the underlying infrastructure
that's going to support these assets in smart contracts like SWE. There's a long way to go, but I think you're positioned for success.
Blockchains like SWE that are built for performance and global scale today are positioned for success.
You have a really positive backdrop where you have leaders of traditional industries increasingly building on chain.
And we have a good regulatory
backdrop with potential regulatory clarity on the horizon. So I think bigger picture over time,
five to 10 years from now, we, in my view, are going to see value concentrate amongst a smaller
number of chains like SWE that have the speed and throughput, speed, throughput, and scale
to actually support the proliferation of the on-chain economy.
Totally agree. I mean, that takes me to my next question. So, you know, for, we're still early,
right? For anyone who is still on the sidelines today, what's the one thing or more that you
think they should take away from this conversation you and
i having right now so one it's not too late to get involved from an investment perspective
we as while we've seen so much adoption and institutional involvement it we still think
it's the beginning digital assets are continuing to evolve from experimental technology to
foundational infrastructure and when you see regulated investment products, expanding ecosystem development,
and institutional adoption converging, that really reflects growing maturity.
I think for a lot of you out there, we're always thinking about how to give investors access to
asset class that's really nascent and transformative and evolving. And maybe
you're out there and maybe you've just kind of started wrapping your head around Bitcoin,
or you figured out what smart contracts are like Ethereum and SWE, and you're looking at all the
tokens out there. And the bad news is that every month there's another 5 million tokens or so.
You know, we're here to help. We are doing content like this. We are creating reports.
We want to educate investors and help them on their journey and help them separate the
signal from the noise.
I think we're at a unique juncture right now with institutional adoption cycles and regulatory
clarity.
And I would tell investors to not be discouraged by the current price environment.
And that rather, in our view,
this creates a very compelling entry point
for opportunities that we think
we have long-term conviction around like SWE.
Yeah, I mean, this makes a lot of sense.
And I really, again, thanks to you and your team
for all the hard work you do
for educating the market on what's available. We always follow the work that you do and the content that you publish for all various
chains, SWE and other chains as well.
I think it's a very high quality and standard.
Ray, anything you want to leave the audience with?
So at Grayscale, again, we're focused on identifying where real value is being created
in the crypto ecosystem and translating that into thoughtful, institutional, great access for investors.
What we have seen with SWE is high performance network built for real world use, where
infrastructure, liquidity and ecosystem development are advancing together.
We think that's important.
And we are very excited about SWE because it reflects where the industry is going towards next generation blockchains, expanding real world applications and increasing integration with traditional financial infrastructure.
And, you know, from my seat, our role is to continue to build the bridges that allow investors to participate in that upside.
investors to participate in that upside.
Great.
And for, as mentioned, Grayscale has the only revenue generating ETF for Swede that's live
in the market today.
Where can people buy G Suite?
Where can people read more on G Suite?
Any potential places you can direct them to?
All your brokerage accounts.
That's exactly what we want to hear.
Type G Suite into your brokerage accounts that's exactly what we want to do into your brokerage accounts
um you know it's meant to be simple and it's meant to flow through all the pipes
that people are used to using to buy stocks and etfs that's the beauty of it awesome thanks for
making life a lot easier for those who want to get involved in crypto thank you folks and thank you
and thank you for having me no it's it was a pleasure. For everyone who listened in, really appreciate your time.
And go check out G Suite.
Follow Ray, Ray Scale on our X account.
And look up for all the remainder of the content that they keep pumping out.
Great work.
Thanks, everyone.
And good evening or good afternoon, wherever you are.
