Grayscale Launches Story Trust, Adding Tokenized IP to Its Lineup of Crypto Investment Products

Grayscale, one of the largest crypto-focused asset managers, has launched a new investment trust for $IP, the native token of the Story network – a blockchain focused on programmable intellectual property (IP).

The new Grayscale Story Trust aims to give accredited investors – typically defined by the U.S. Securities and Exchange Commission (SEC) as individuals who meet certain financial thresholds, like having over $200,000 in annual income – direct access to the $IP token, which jumped nearly 8% following the announcement to $6.34 before retracing, per CoinGecko. The token has more than doubled over the last 30 days.

Meanwhile, the Story network has processed over 1.8 million IP-related transactions and counts more than 200,000 monthly users to date, according to data from its blockchain explorer and a press release viewed by The Defiant.

The launch points to growing interest from institutions in tokenized IP, as artists, brands, and artificial intelligence (AI) platforms look for better ways to manage rights and royalties on-chain.

In fact, recent research shows that the global IP market, which includes real-world data and digital rights, is estimated to be worth over $80 trillion, per the World Intellectual Property Organization’s 2025 Global Innovation Index.

“The launch of the Grayscale Story Trust reflects growing recognition that intellectual property, in all forms, is becoming one of the most important assets of the AI era,” said SY Lee, CEO and co-founder of the Story Foundation, per the release. “With $IP now available via a Grayscale Trust, investors can gain exposure to the infrastructure layer that enables programmable licensing and attribution across AI and creative applications.”

The Trust, which is now live, works like Grayscale’s other single-asset funds and holds only the $IP token.

The launch builds on Grayscale’s broader strategy of offering single-asset investment vehicles tied to digital assets. The firm pioneered this approach with its Grayscale Bitcoin Trust (GBTC), which was converted into a spot Bitcoin exchange-traded fund (ETF) last year. It has also launched similar investment products for Ethereum, Solana, Chainlink, and other tokens.

As of July 29, GBTC holds $21.22 billion in net assets, according to SoSoValue. Meanwhile, Grayscale’s Ethereum Trust (ETHE) currently boasts $4.25 billion in net assets.

The launch comes just weeks after the SEC approved Grayscale’s proposal to convert its Digital Large Cap Fund into a spot ETF on July 1. The fund offers diversified exposure to five major digital assets: Bitcoin (BTC), Ether (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA).

On July 14, Grayscale also revealed that it has confidentially filed a draft registration statement with the SEC for a planned initial public offering (IPO). The firm has not yet disclosed how many shares it intends to offer or the expected price range.