Grayscale, a leading digital asset management firm has announced the launch of its new single crypto investment fund, Pyth Trust. Focusing on Pyth’s governance token $PYTH, Grayscale aims to expand its collection of single-asset digital investment products to institutional as well as retail investors with the Pyth Trust launch. Grayscale Investments has launched an investment fund, Pyth Trust, targeting Pyth Network’s native token, $PYTH. This fund, which is only accessible to accredited investors, gets exposure to the platform’s governance token.
The Pyth Trust is open to both retail and institutional investors and also reflects other single-asset digital products offered by Grayscale, and its value is determined based on the market price of PYTH. The announcement was made on February 18.
With Pyth, investors get access to real-time market data, including cryptocurrencies, equities, and entities to more than 90 different blockchain networks, including Solana, allowing accurate financial transaction pricing.
According to reports, around 95% of decentralized applications operating on the Solana blockchain depend on Pyth’s price charts. Rayhaneh Sharif-Askary, the head of Grayscale product and research said that with the trust launch, they intend to deliver higher beta and higher upside opportunities associated with the persistent growth of Solana.
The Role Of Pyth Network In The Unprecedented Growth Of Solana
Pyth Network acts as a decentralized oracle system that delivers real-time market data to different blockchain networks, more than 90 different blockchains rely on the price feed of Pyth, and Solana is a predominant one in the list. Connecting the smart contracts, Pyth Network combines the on-chain data from the centralized exchange prices, including prices of cryptocurrencies, equities, and commodities, and delivers it to decentralized applications in the most accurate manner, giving quick price information to blockchain users. Nearly 95% of Solana’s decentralized apps rely on the price feeds of Pyth Network.
Being a strong supporter of Solana, Pyth Network has a strong market presence, and by continuing the service integrately and effectively, the platform aims to thrive alongside Solana’s growth. According to data, Solana’s Total Locked Volume (TVL) is currently $8.14 billion, making it a strong contender in the blockchain industry. Many of its applications, including Jito (liquid staking platform) and Jupiter (decentralized exchange) contribute to the major part of Solana TVL, ie around $5 billion, these platforms use the price information and other market data from Pyth Network.
Grayscale’s Strategy For Expanding Crypto Fund Suits
With the Pyth Trust launch, Grayscale’s plans to enhance its crypto investment option are evident. The growing demand for crypto investments in the past months led Grayscale to launch new digital investment funds including Lido, Dogecoin, and Optimism. Similar to these single-asset crypto fund products, the new fund will operate but rely on the market price of $PYTH, the native token of the Pyth Network.
The crypto funds provided in the Pyth Network allow users to access digital assets but they are not offered direct ownership over these assets, instead, it provides investment opportunities with the Solana blockchain growth. Grayscale is on a mission to enhance its range of investment options aiming to make the utmost benefit of the crypto-friendly government in the US and the evolving crypto industry.
The increase in demand for Bitcoin and Ethereum ETFs has paved the gateway for more such ETFs, many are waiting for the SEC approval to get listed. The increased scope for ETFs has ignited the demand for similar investment products, and Pyth Trust is capitalizing on the growing demand allowing investors to participate in the Solana network.
