Grayscale Launches Pyth Network Fund as Demand for Crypto Investments Surges

By José Oramas February 19, 2025 In Grayscale Investments, Investing, Pyth

Source:AdobeStock

Grayscale has launched a new trust focused on Pyth’s governance token, expanding its suite of single-asset digital investment products for retail and institutional investors.
Pyth provides real-time oracle data to roughly 95% of Solana’s dApps, and Grayscale sees the trust as an avenue for “higher-beta and higher-upside” opportunities in the Solana ecosystem.
The announcement follows Grayscale’s ongoing efforts to convert existing trusts into spot ETFs, pending regulatory approval.

Grayscale has introduced a new trust centered on the Pyth network’s governance token, marking another addition to its growing suite of digital asset investments.

The so-called Grayscale Pyth Trust is open to both retail and institutional participants and mirrors other single-asset vehicles offered by the asset manager, and its value is tied exclusively to PYTH’s market price.

Launch to Offer New Opportunities to Investors

Pyth, a decentralised oracle powering roughly 95% of the decentralised applications (dApps) on Solana, delivers real-time data feeds to blockchain systems so that financial transactions can be priced accurately.

Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, said the new trust will give investors access to new opportunities emerging on the Solana ecosystem:

The Pyth network plays one of the most significant roles in the Solana ecosystem. By introducing Grayscale Pyth Trust, we aim to give investors access to additional higher-beta and higher-upside opportunities associated with the continued growth of Solana.

Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research

Solana ranks among the most prominent blockchains, as measured by total value locked (TVL), currently at US$8.14b (AU$12.8B), and Pyth’s data feeds have proven critical to many of its applications, like liquid staking platform Jito, and decentralised exchange (DEX) Jupiter, which currently leads Solana’s ecosystem nearly US$5B (AU$7.87B) in TVL combined, per data from DefiLlama.

The new Pyth vehicle follows Grayscale’s recent conversion filing for the XRP Trust. In tandem, Grayscale is awaiting regulatory clearance to convert other existing single-asset trusts, including those for Litecoin and Solana, into spot ETFs.

As Crypto News Australia reported, the Securities and Exchange Commission (SEC) recently acknowledged NYSE/Grayscale’s XRP ETF fund filing, causing a spike in the XRP price. However, the token has fallen 4.5% from yesterday, currently trading at US$2.54 (AU$4).