Asset manager Grayscale Investments, known for its bitcoin and ether exchange-traded funds (ETFs), said on Tuesday it has launched the Grayscale Pyth Trust, giving investors exposure to PYTH, the governance token of the Pyth network.
Pyth provides price feeds that help decentralized applications function efficiently. The network sources pricing information from institutional traders and market makers and delivers updates that are critical for decentralized finance (DeFi) applications. Pyth’s services are particularly crucial in the Solana ecosystem, where 95% of decentralized protocols use the network’s data, Grayscale said.
“The Pyth network plays one of the most significant roles in the Solana ecosystem,” said Rayhaneh Sharif-Askary, Grayscale’s head of product and research. “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 for accredited investors only and follows the model of Grayscale’s other single-asset investment trusts, holding only PYTH tokens. Grayscale is known for 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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