🌎 Grayscale Launches Pyth Trust Fund

Grayscale Launches Pyth Trust Fund for Accredited Investors

Crypto-focused asset manager Grayscale has announced the launch of the Grayscale Pyth Trust, a single-asset crypto investment fund offering exposure to Pyth Network, the native governance token of the oracle network’s ecosystem. This move brings another product tracking one of the top projects in the Solana ecosystem.

Key Role in Solana Ecosystem

According to Rayhaneh Sharif-Askary, Grayscale’s head of product & research, “The Pyth network plays one of the most significant roles in the Solana ecosystem.” Sharif-Askary added that by introducing Grayscale Pyth Trust, the company aims to give investors access to additional higher-beta and higher-upside opportunities associated with the continued growth of Solana.

Significance of Pyth Network

Nearly 95% of decentralized applications on Solana leverage Pyth’s price feeds for real-time and secure data. This highlights the importance of Pyth Network within the Solana ecosystem.

Grayscale Pyth Trust Details

The Grayscale Pyth Trust adds to other single-asset crypto funds offered by the asset manager, including those for XRP, Sui, and Dogecoin. Like these products, the Grayscale Pyth Trust will offer exposure to PYTH, with this being the only asset the trust invests in. The company has opened the Pyth Trust fund for daily subscriptions to eligible accredited investors.

Grayscale’s Other Offerings

Beyond its crypto trust funds, Grayscale issues exchange-traded funds, with its spot Bitcoin and Ethereum ETFs among the pioneer group approved by the U.S. Securities and Exchange Commission in January 2024. The firm also offers private funds that seek to optimize income by allowing investors to allocate capital into a portfolio of proof-of-stake tokens.

Some key points to consider about Grayscale’s offerings: