Grayscale Launches New Fund for Pyth Network's PYTH Token
1min read Grayscale Investments, a prominent digital asset manager, has launched a new investment fund focused on the Pyth Network's native token, PYTH (PYTH). The fund, named Grayscale Pyth Trust, is exclusively available to qualified investors and aims to provide exposure to the governance token that powers the Pyth network.
The Pyth Network, utilizing decentralized oracles, delivers market data, including cryptocurrency, equity, and commodity prices, to over 90 different blockchain networks, including Solana. Oracles serve as a bridge between off-chain data sources and smart contracts on blockchain networks. Approximately 95% of decentralized applications on the Solana network rely on Pyth's price feeds, highlighting the network's strong market position.
Grayscale believes that by providing accurate and real-time data feeds, Pyth plays a crucial role in the Solana ecosystem and is well-positioned to thrive alongside Solana's growth. The Grayscale Pyth Trust aims to deliver higher-beta and higher-upside opportunities associated with the continued growth of Solana.
Launched in 2023, PYTH has a market capitalization of over $750 million, according to CoinGecko. The new fund adds to Grayscale's suite of single-asset crypto investment products, which includes funds for Dogecoin (DOGE), Lido (LDO), and Optimism's governance tokens (OP). Grayscale is best known for its Bitcoin (BTC) and Ether (ETH) exchange-traded funds, such as the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).
