Grayscale Introduces New Trust Centered on the Pyth Network’s Governance Token

Grayscale has introduced a new trust centered on the Pyth network's governance token, marking another addition to its growing suite of digital asset investments.

Grayscale has unveiled a trust pegged to the governance token of the Pyth network, adding to its lineup of digital asset investment vehicles.

The Grayscale Pyth Trust will be available to both retail and institutional investors, and its value will be directly linked to the market price of PYTH.

Related: Grayscale Files for XRP Spot ETF as XRP Price SurgesOversight Body to Launch Crypto Exchange Audits in Coming Months

The trust will offer exposure to Pyth, a decentralized oracle that provides critical real-time data feeds to blockchain networks, enabling accurate pricing for financial transactions. Nearly 95% of dApps on Solana leverage Pyth.

Rayhaneh Sharif-Askary, Grayscale's Head of Product & Research, highlighted the role of the trust in providing access to emerging opportunities within the Solana ecosystem.

Solana is among the top blockchains by total value locked (TVL), currently at $8.14 billion, according to data from DeFi Llama. Several applications on Solana, such as the liquid staking platform Jito and the decentralized exchange (DEX) Jupiter, which collectively lead Solana's ecosystem with nearly $5 billion in TVL, heavily utilize Pyth's data feeds.

Related: Money Laundering Crackdown: AUSTRAC Notifies 50 Entities, Including Crypto ExchangesThe new Pyth vehicle follows Grayscale's recent filing to convert its XRP Trust into a spot exchange-traded fund (ETF). The asset manager is awaiting regulatory approval to convert other existing single-asset trusts, including those for Litecoin and Solana, into spot ETFs.

As reported by Crypto News Australia, the Securities and Exchange Commission (SEC) acknowledged NYSE/Grayscale's XRP ETF fund filing, leading to a brief spike in the XRP price. However, the token has since declined by 4.5%, currently trading at $2.54.