What is the SXT Trust launched by Grayscale?

Here is the English translation: If 2024 is the year of Bitcoin spot ETF approval and the official start of the institutional era, then as time enters 2025, the market's melody is quietly turning towards a deeper underlying movement. As public attention gradually shifts away from every Bitcoin price fluctuation, the most keen predator in the industry - Grayscale - has already extended its tentacles towards a new field defining the future. Recently, Grayscale officially launched its "Space and Time Trust", a single-asset trust product focused on investing in the "Space and Time" (hereinafter referred to as SXT) project. According to preliminary data disclosed officially, the trust has attracted over $14 million in AUM. In Grayscale's lengthy list containing dozens of potential investment targets, why did SXT, a name somewhat unfamiliar to most investors, break through and receive the same "single-asset trust" treatment as Bitcoin and Ethereum? This is not an accidental asset addition, but more like a carefully considered strategic move. Through the sophisticated "pipeline" of the SXT trust, we might glimpse the clear trajectory of the next stage of the crypto world: a silent yet profound infrastructure revolution centered on "verifiable data" is approaching, and traditional capital has already begun betting on it. [The rest of the translation follows the same professional and accurate approach, maintaining the original structure and technical nuances.]

First, the "deep water area" of infrastructure investment. Capital is penetrating from the surface application and protocol layers to deeper and more fundamental technical infrastructure. As the market becomes more mature, investors are no longer just crazy about the narrative of the "next 100x coin", but are beginning to look with a longer-term perspective, seeking core technologies that can cross bull and bear cycles and have a "moat" effect. Data layers, computing layers, interoperability layers... these invisible yet crucial domains are becoming new value capture highlands.

Second, "modularity" and "specialization" become mainstream. The narrative of "large and comprehensive" single public chains is gradually fading, replaced by a composable Web3 technology stack consisting of different modular components. In this stack, execution layers, settlement layers, data availability layers, and "verifiable computing layers" like SXT are built by the most professional teams and collaborate through standardized interfaces. Grayscale's choice of SXT is also a recognition of this "modular future".

Third, the "marriage" between traditional capital and frontier technology will become more precise and in-depth. If the approval of ETF is traditional capital's recognition of crypto assets' "identity", then the establishment of the SXT trust is their deep exploration of crypto technology's "value". Future investment models will no longer be broad "track investments", but "precise sniping" based on a profound understanding of technological paradigms and business models. Traditional financial institutions will increasingly rely on professional "translators" like Grayscale to understand and invest in hardcore technologies that truly define the future.

As Microsoft CEO Satya Nadella said: "Every company will become a software company." In the Web3 context, this sentence might be rewritten as: "Every application will rely on verifiable data." Through the SXT trust, Grayscale not only opens an investment gateway to the future for its clients but also clearly points out a direction for the entire market: after the noisy concept hype, value will ultimately return to solid foundations that can create trust, empower applications, and connect reality with digital. And this may be the true force supporting the next wave of magnificent growth.