Key Notes
- The Pyth Network provides essential real-time market data for Solana, with 95% of Solana dApps relying on its pricing information.
- Grayscale continues expanding its portfolio beyond Bitcoin and Ethereum, recently adding Dogecoin, MakerDAO, and Avalanche trusts.
- The new trust follows Grayscale's established single-asset structure and is now available to qualified individual and institutional investors.
Crypto asset management firm Grayscale Investments has now launched its Grayscale Pyth Trust, giving investors exposure to PYTH, the governance token of the Pyth Network. It also provides a way for investors to engage with the token without the complexities of direct ownership, such as purchasing, storage, and security management.
Rayhaneh Sharif-Askary, Head of Product and Research at Grayscale, emphasized the importance of the Pyth Network within Solana. She mentioned that the new project is intended to provide investors with exposure to assets that carry greater potential rewards as Solana continues to expand. She said :
“The Pyth network plays one of the most significant roles in the Solana ecosystem. By introducing Grayscale Pyth Trust, we aim to give investors access to additional higher-beta and higher-upside opportunities associated with the continued growth of Solana.”
According to the release, Pyth provides real-time market data and plays a vital role in the Solana ecosystem, as 95% of decentralized applications on Solana depend on its pricing information.
The crypto asset management firm announced that the trust is now open for daily subscriptions from qualified individual and institutional investors. It follows the structure of Grayscale’s other single-asset trusts and is fully allocated to the token supporting the Pyth protocol. The firm noted:
“The Trust is now open for daily subscription by eligible individual and institutional accredited investors. The Trust functions like Grayscale’s other single-asset investment trusts, and is solely invested in the token underpinning the Pyth protocol.”
Grayscale Expands Crypto Offerings With Dogecoin and MakerDAO Trusts
Grayscale has well-known products such as the Grayscale Bitcoin Trust (GBTC) and the Ethereum Trust (ETHE). The firm’s spot Bitcoin and Ethereum ETFs were part of those approved by the U.S. Securities and Exchange Commission last year.
On January 31, the asset management company introduced the Grayscale Dogecoin Trust, providing investors with a way to access DOGE without directly holding the cryptocurrency. Rayhaneh Sharif-Askary described Dogecoin as an emerging force for expanding financial access. She noted that, as a more efficient and cost-effective alternative to Bitcoin, it enables those excluded from traditional finance to engage in the system.
Grayscale has also introduced the MakerDAO Trust as well as the Avalanche Trust, offering more than 30 crypto investments and giving investors more exposure to these digital assets.
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