New Crypto Fund from Grayscale: Opens the Gateway to the Giant Altcoin of Solana Network! - Coin Bulletin

Grayscale has launched a new investment fund that offers investment opportunities in PYTH, the governance token of Pyth, one of the key oracle networks in the Solana ecosystem.

Cryptocurrency asset management giant Grayscale Investments is known for its Bitcoin and Ethereum exchange-traded funds (ETF), and with its latest move, it has also expanded its investments into the Solana ecosystem. The company will provide accredited investors with access to the Pyth network through a fund named Grayscale Pyth Trust.

Pyth plays a critical role in the DeFi ecosystem by providing real-time price data for decentralized applications. 95% of decentralized applications running on Solana especially use Pyth's data.

Pyth network provides price data to decentralized finance (DeFi) protocols by sourcing information from institutional investors and market makers. This enables DeFi applications to operate with current and reliable price feeds. Highlighting the significance of Pyth in the Solana ecosystem, Rayhaneh Sharif-Askary, Grayscale’s Head of Product Development and Research, noted that this new investment fund presents an attractive opportunity for investors seeking high volatility and potential returns.

Grayscale Pyth Trust will only be open to accredited investors and will only include the PYTH token, like the company's other single-asset funds. Grayscale has previously garnered significant interest by converting products like Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) into exchange-traded funds (ETF). Pyth Trust is also expected to attract investor interest in a similar manner.