Grayscale Launches Trust for Microsoft-Backed Space and Time (SXT) Token

• Grayscale has launched a new trust for SXT, the token of the Space and Time network
• The network is backed by Microsoft and offers verifiable data queries via ‘Proof of SQL’
• The trust gives accredited investors regulated exposure to the enterprise-focused protocol

Grayscale has officially launched the Grayscale Space and Time Trust, creating a regulated investment pathway for exposure to the SXT token. 

Announced on June 24, 2025, the new product offers sophisticated investors a way to access the Space and Time network, a decentralized data platform with significant enterprise backing from Microsoft, without the need to purchase, store, or manage the underlying digital asset directly.

What Is the Grayscale Space and Time Trust?

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.

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SXT is the native digital asset of the Space and Time network, a platform that uses blockchain protocols to secure and validate data transactions. This design allows users to exchange tokens on a public ledger while benefiting from enterprise-grade accessibility and performance.

What Makes the Space and Time Network Special?

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.

Trust Structure and Financial Overview

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 NAV recorded a 9.88% increase from the previous day, indicating rising interest and trading activity.

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Additionally, the trust operates with a total expense ratio of 2.50%. Like Grayscale’s other single-asset trusts, it 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. This benchmark calculates a volume-weighted average price in U.S. dollars based on trade data aggregated from supported digital asset trading platforms.