Grayscale launches Pyth Trust

Grayscale Investments has introduced the Grayscale Pyth Trust, an investment vehicle focused on the Pyth Network's (CRYPTO:PYTH) native token, PYTH.

Launched on February 18, 2025, the trust aims to provide accredited investors with exposure to the governance token that powers the Pyth network.

The Pyth network functions as a decentralised oracle, delivering market data, including information on cryptocurrencies, equities, and commodities, to over 90 blockchain networks, notably Solana (CRYPTO:SOL).

Oracles are essential for connecting off-chain data sources, like centralised exchange prices, to smart contracts on blockchain networks.

Grayscale emphasises Pyth's strong position, noting that approximately 95% of decentralised applications (dApps) on Solana utilise Pyth’s price feeds.

"The Pyth network plays one of the most significant roles in the Solana ecosystem," stated Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research.

She added that the Grayscale Pyth Trust aims to provide investors "access to additional higher-beta and higher-upside opportunities associated with the continued growth of Solana."

The Grayscale Pyth Trust is structured similarly to Grayscale's other single-asset investment trusts and invests solely in the PYTH token.

It is available for daily subscription by eligible individual and institutional accredited investors.

Launched in 2023, PYTH has a market capitalisation exceeding $750 million, according to CoinGecko.

Recently, Robinhood added the PYTH token to its platform, enhancing accessibility for everyday investors.

In November 2024, VanEck also launched a Pyth Exchange Traded Note (ETN) across 15 European countries.