Grayscale Investments Launches Grayscale Pyth Trust

Asset manager Grayscale Investments, known for its bitcoin and ether exchange-traded funds (ETFs), announced on Tuesday the launch of the Grayscale Pyth Trust. This trust provides investors exposure to PYTH, the governance token of the Pyth network.

Pyth offers price feeds essential for the efficient functioning of decentralized applications. The network gathers pricing data from institutional traders and market makers, providing updates vital for decentralized finance (DeFi) applications. Grayscale emphasized that Pyth’s services are especially important in the Solana ecosystem, where 95% of decentralized protocols utilize its data.

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

The trust is available only for accredited investors and follows the structure of Grayscale’s other single-asset investment trusts, which hold exclusively PYTH tokens. Grayscale is recognized for its products like the Grayscale Bitcoin Trust (GBTC) and Ethereum Trust (ETHE), which were converted into an ETF structure last year.

Read more: Pyth Oracle Network Brings Industry Heavyweights Into Governance Post-Airdrop
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