Latest Grayscale GSC Fund Holding Ratios and Analysis

Grayscale GSC Fund (Smart Contract Platform Fund) latest holding ratios (as of July 2025):

  • ETH: 30.22%

  • SOL: 29.87%

  • ADA: 18.57%

  • Sui: 8.78%

  • AVAX: 6.76%

  • HBAR: 5.8%

Projects Worth Noting: HBAR and Sui

Among the projects on the list, I believe HBAR and Sui are the most noteworthy.

  • HBAR: As a new project on the list, it replaced the previous position of DOT.

  • Sui: Added to the GSC Fund with a 6.5% weight in early 2025, which then grew continuously to 8.78%. Additionally, Grayscale launched an independent Sui Trust.

Grayscale's Continued Bet on Sui Logic

According to the latest Grayscale Sui research report (Built for Scale: Why Sui Stands Out), Grayscale's optimism regarding Sui is mainly based on the following points:

1. Vertical Integration Strategy

Mysten Labs not only builds infrastructure but also actively participates in the development of ecosystem applications and products. As of now, the official ecosystem projects they are involved in include:

  • Walrus: Decentralized Storage Solution

  • DeepBook: On-chain Central Limit Order Book

  • SuiNS: Decentralized Domain Service

  • zkLogins: User Onboarding Simplification Platform

  • Ika: Cross-chain Asset Trading

Mysten Labs' proactive 'leading development' strategy has achieved good results, especially with the success of projects like Walrus and DeepBook. This strategy is now being learned from and adopted by other smart contract platforms such as Aptos.

2. Technical Advantages: Designed for Scalability

  • Object-based architecture and parallel processing: Sui uses a unique object-based model where each asset is treated as an independent object supporting parallel processing.

  • Horizontal Scalability: The Sui network's capacity scales linearly with hardware increases, without adding latency.

  • Move Programming Language: Sui adopts the Move language adapted from Rust, significantly reducing programming errors and vulnerability risks.

These are all well-trodden topics; technical advantages need to be experienced hands-on to be understood. Those who have participated in Sui ecosystem interactions should have experienced this.

3. Token Economics

  • From Unlocking Perspective: Currently, only 33% of Sui's tokens are in circulation, and over 50% of the tokens will be unlocked after 2030 (with a 5-year buffer period).

  • From Market Capitalization Perspective: Sui's market capitalization is approximately $10 billion (about 12% of Solana's market cap and 3% of Ethereum's market cap).