Grayscale launches Story Trust to offer exposure to IP token

Grayscale has launched a new single-asset investment trust that gives accredited investors exposure to IP, the native token of Story — a Layer 1 blockchain focused on tokenizing intellectual property.

The Grayscale Story Trust, now open for daily subscription, holds only the IP token and is structured like the firm’s other single-asset trusts. It is aimed at institutional and individual accredited investors seeking exposure to the Story ecosystem, which is designed to bring licensing, attribution, and royalty flows for digital content and real-world data onto the blockchain.

Story was launched to address the challenges artificial intelligence poses for creators. While AI makes content generation easier, the project argues it also accelerates IP theft, with tech platforms profiting from creative work without proper attribution or permission. This could discourage new content creation, which in turn threatens the quality of data that future AI systems depend on.

At the core of Story’s design is a system that turns intellectual property into NFTs with built-in licensing and attribution logic based on IP law. This allows creators, companies, and even AI agents to register, remix, and monetize content in a compliant way.

"Today, adoption of Story is accelerating," Grayscale said. "With over 1.7 million intellectual property transactions and more than 200,000 monthly users, Story is demonstrating growing demand for infrastructure that treats intellectual property as a programmable, onchain primitive."

The Story protocol is backed by prominent investors including a16z crypto, Samsung Next, and Polychain Capital. Its core developer, Programmable IP (PIP) Labs, has raised $140 million in total funding.

The IP token, which launched in February, is currently trading at around $6.4, up about 125% in the past month, according to The Block's IP price page. IP has a market capitalization of around $2 billion and a fully diluted valuation of about $6.5 billion.