Grayscale Investments has taken another step in broadening its crypto portfolio by launching an investment fund dedicated to the Pyth Network’s native token, PYTH. The newly introduced Grayscale Pyth Trust is tailored exclusively for qualified investors, providing exposure to PYTH as the governance token fueling Pyth’s decentralized oracle network.

Strengthening the Solana Ecosystem

Pyth Network plays a pivotal role in the Solana ecosystem, supplying real-time market data to over 90 different blockchain networks. Decentralized oracles like Pyth bridge the gap between off-chain data—such as stock prices, commodities, and cryptocurrencies—and smart contracts, ensuring accurate and timely price feeds. According to Grayscale, approximately 95% of decentralized applications on Solana rely on Pyth’s data feeds, reinforcing its dominance in the network.

With Solana’s continued expansion, Grayscale aims to offer investors higher-beta exposure through the Pyth Trust, reflecting the broader trend of institutional interest in Solana-linked assets.

Rayhaneh Sharif-Askary, Grayscale’s head of product and research, stated:

By providing accurate and real-time data feeds, Pyth plays a crucial role in the Solana ecosystem and is poised to thrive alongside Solana's growth.

Solana has experienced rapid adoption, particularly in the memecoin trading sector, which fueled a surge in its total value locked (TVL) from $1.4 billion to over $9 billion in 2024, peaking at $12 billion in January. However, the blockchain is now facing challenges, including insider selling and increased short interest in SOL as retail traders experience significant losses. Despite this, Solana continues to generate higher revenue than Ethereum, showcasing its resilience in the market.

A recent incident highlighted the volatility in Solana’s ecosystem—Libra (LIBRA), a token perceived to have links to Argentine President Javier Milei, saw a massive $4.4 billion market cap drop within hours of its launch on February 14.

The Pyth Trust is just the latest in Grayscale’s efforts to expand its single-asset crypto investment products. In January, Grayscale introduced a Dogecoin (DOGE) investment fund, capitalizing on the memecoin market. December saw the launch of funds dedicated to Lido (LDO) and Optimism (OP) governance tokens, reinforcing its commitment to diversifying investment opportunities in the DeFi space.

Additionally, Grayscale is actively exploring new assets, with 35 altcoins currently under consideration for future investment products. This includes Worldcoin (WLD) and Rune (RUNE), among others.

As a leading crypto asset manager, Grayscale remains best known for its Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs), particularly the Grayscale Bitcoin Trust (GBTC) and Ethereum Trust (ETHE).

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