Microsoft-Backed Space and Time Surges as Grayscale Debuts SXT Crypto Fund
Grayscale launched the Space and Time Trust, providing exposure to the SXT token of the Space and Time blockchain, which focuses on real-time database processing for smart contracts and AI tools. The blockchain is backed by Microsoft's M12 Ventures and integrated with Microsoft's Fabric data analytics platform. SXT's price rose to $0.076, a 16% increase in 24 hours. The Trust is available for daily subscription to eligible and institutional accredited investors. This launch aligns with a trend of increased crypto investment products as U.S. regulators adopt a more favorable stance towards digital assets, allowing industry input on regulatory reforms. Numerous asset managers have introduced private trusts and filed applications for cryptocurrency exchange-traded funds. Grayscale's Bitcoin Trust, launched in 2013, now manages over $19 billion in assets and received approval to operate as a spot Bitcoin ETF in January 2024.
