Grayscale, the leading cryptocurrency asset management company, has just announced a new investment fund based on the PYTH token, a token belonging to the Pyth Network on Solana. This move indicates the growing interest of investors in cryptocurrency investment products.
PYTH Trust – Opportunity to Access Solana
The new fund named #GrayscalePythTrust will allow both individual and institutional investors to access the value of the PYTH token. According to Rayhaneh Sharif-Askary, Product & Research Director at Grayscale:
"We want to provide investors with more opportunities to access high-growth potential assets, especially the Solana ecosystem."
This fund will operate similarly to Grayscale's other single-asset funds, meaning the fund's value will depend entirely on the price of PYTH.
What is the PYTH Network?
PYTH is a decentralized oracle specializing in providing real-time financial data for blockchains. It helps connect real-world price information such as stock prices and cryptocurrencies to smart contracts.
🚀 95% of decentralized applications on Solana use price data from PYTH, making it an important part of this ecosystem.
Trend of Launching Crypto Investment Funds
#Grayscale continuously expands its fund portfolio to meet the booming demand for cryptocurrency investment:
Bitcoin Miners ETF – investing in Bitcoin mining companies.
Dogecoin Fund – approaching the famous meme coin supported by Elon Musk.
Funds awaiting SEC approval: XRP, Litecoin, Solana ETF.
Currently, the Grayscale Bitcoin Trust (GBTC) manages about $19 billion, while its subsidiary fund also holds $4 billion in assets. Grayscale's continuous expansion of investment funds shows the company's confidence in the long-term development of the cryptocurrency market. #SOLPriceWatch