Grayscale Launches Trust for Microsoft-Backed Space and Time Network

Grayscale has launched a new trust for SXT, the token of the Space and Time network, which is backed by Microsoft. This move provides accredited investors with a regulated pathway to gain exposure to the enterprise-focused protocol without directly handling the digital asset. The trust, announced on June 24, 2025, offers sophisticated investors a way to access the Space and Time network, a decentralized data platform with significant enterprise backing from Microsoft.

The Grayscale Space and Time Trust is one of the first investment vehicles of its kind, offering indirect exposure to the SXT token through privately placed shares. Investors in the trust gain a security that tracks the market value of SXT, minus fees and expenses. For now, the product is available exclusively to accredited investors and may not become publicly tradable on secondary markets.

The Space and Time network stands out due to its deep integration with the corporate world, most notably through its backing by M12, Microsoft’s venture capital arm. The platform is fully integrated with Microsoft Fabric, a connection that allows enterprises and developers to query on-chain data from major networks like Bitcoin, Ethereum, and Sui using their existing, familiar data tools. This integration positions Space and Time as a viable solution for businesses leveraging blockchain data while maintaining traditional infrastructure compatibility. It enables real-time access to decentralized data with the speed and flexibility needed for enterprise environments.

One of the platform’s core innovations is Proof of SQL. This feature uses zero-knowledge proofs to verify the integrity of SQL queries without exposing the underlying data or requiring a rerun. This method enhances trust and privacy in data systems. With this technology, Space and Time supports use cases where transparent and verifiable data is essential, such as smart contracts, financial services, and AI model training.

As of June 24, the Grayscale Space and Time Trust has approximately $14.7 million in assets under management. It has issued 2 million shares, each priced at a net asset value (NAV) of $7.34. The trust operates with a total expense ratio of 2.50% and does not offer regular distributions. Instead, investors benefit from capital appreciation linked to the performance of the underlying SXT token. The value of SXT within the trust is determined using the CoinDesk Space and Time VWAP Reference Rate, which calculates a volume-weighted average price in U.S. dollars based on trade data aggregated from supported digital asset trading platforms.

The launch of the Grayscale Space and Time Trust is a strategic move by Grayscale to capture the surging interest in decentralized data infrastructure. By offering a regulated investment pathway for exposure to the SXT token, Grayscale provides accredited investors with a way to access the Space and Time network without the need to purchase, store, or manage the underlying digital asset directly. This development underscores the growing importance of blockchain technology in enterprise data management and highlights the potential for decentralized solutions to revolutionize traditional data infrastructure.