The Grayscale Investments active manager, known for his Bitcoin and Ether Exchange (ETF) funds, said on Tuesday that he had launched the Grayscale Pyth Trust, giving investors an exhibition in Pyth, the governance token of the Pyth network.
Pyth provides price foods that effectively help decentralized applications. The network supplies the pricing information for institutional merchants and market manufacturers and provides critical updates for decentralized financing applications (DEFI). Pyth services are particularly crucial in Solana’s ecosystem, where 95% of decentralized protocols use network data, Graycale said.
“The Pyth network plays one of the most important roles in Solana’s ecosystem,” said Rayhaneh Sharif-Askary, product and research manager for Graycale. “By introducing the Grayscale Py Trust, we aim to give investors access to additional upper and high -level beta opportunities associated with the continuous growth of Solana.”
The trust is available for accredited investors only and follows the model of other investment trust with a single Graycale asset, holding only pyth tokens. Grayscale is known for products such as the Grayscale Bitcoin Trust (GBTC) and Ethereum Trust (ETHE), which were converted to ETF structure last year.
Read more: Pyth Oracle Network provides industry heavyweights in governance after Airdrop
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