Grayscale Launches New Fund for Solana's Pyth Network

Crypto asset manager Grayscale has expanded its offerings with the launch of the Grayscale Pyth Trust, a single-asset fund focused on providing exposure to the Pyth Network's native governance token, PYTH. The new fund is designed to give investors access to higher-beta and higher-upside opportunities associated with the growth of the Solana ecosystem, where Pyth Network plays a significant role.

The Pyth Network is an oracle network that provides real-time and secure data to nearly 95% of decentralized applications on the Solana blockchain. By introducing the Grayscale Pyth Trust, the asset manager aims to offer investors a way to gain exposure to this critical component of the Solana ecosystem.

The Grayscale Pyth Trust joins other single-asset crypto funds offered by the firm, such as those for XRP, Sui, and Dogecoin. Like these products, the new fund will invest solely in PYTH and is open for daily subscriptions to eligible accredited investors.

Grayscale's expansion into the Pyth Network comes as the asset manager continues to grow its suite of crypto investment products. In addition to its crypto trust funds, Grayscale offers exchange-traded funds (ETFs), including the first-ever spot Bitcoin and Ethereum ETFs approved by the U.S. Securities and Exchange Commission in January 2024. The firm also launched the Grayscale Bitcoin Miners ETF earlier this year, providing exposure to Bitcoin mining companies and the broader mining industry.

Beyond its public offerings, Grayscale also manages private funds, such as the Grayscale Dynamic Income Fund. This fund invests in a portfolio of proof-of-stake tokens, including Solana, Stacks, and NEAR, among others, and seeks to optimize income for its investors.