- 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.
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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 ($9.91)$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.
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The new Pyth vehicle follows Grayscale’s recent conversion filing for the XRP ($2.55) 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).
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