Crypto asset manager Grayscale on Tuesday unveiled a fund based on the Solana-based governance token of the Pyth network, adding to its offerings amid surging investor demand for digital asset-focused investment products.
The fund, which is open to retail and institutional investors, will be based solely on PYTH’s price, similar to Grayscale’s other single asset-based funds. The Pyth Network provides real-time data feeds to blockchains and plays a significant role in the Solana network.
“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,” Grayscale Head of Product & Research Rayhaneh Sharif-Askary said Tuesday in a statement.
Bitcoin Drops Below $95K as Solana, XRP and Dogecoin Keep Falling
Crypto markets are in the red on Tuesday as Bitcoin dipped below $95,000 to hit its lowest price in weeks, while other major assets like Solana, Dogecoin, XRP, and BNB are leading losses among the top 10 coins. Bitcoin is currently priced at $94,202, and while the 1.5% daily drop and more than 2% weekly dip aren't massive swings, it does mark the lowest price seen for the coin since February 3, per data from CoinGecko. BTC's modest decline comes as other major coins are falling much harder—notab...
Spot Bitcoin exchange-traded funds, which received approval from the SEC in January 2024, have boosted interest in cryptocurrency, prompting fund issuers to introduce new offerings. Those ETFs have netted more than $40 billion in inflows, according to data from UK-based asset manager Farside Investors. Spot Ethereum funds have received more than $3 billion in net inflows.
What is Pyth?
Pyth is a decentralized oracle, a type of service that connects real-world financial data such as crypto and stock prices to blockchains. The entity serves traders on Solana—the second-largest blockchain by total value locked, according to crypto markets data provider CoinGecko—establishing price feeds that enable financial transactions to be priced correctly.
A full 95% of decentralized applications on Solana use Pyth’s price feeds, according to Grayscale.
Grayscale Seeks Cardano ETF Approval After Filing for Solana, XRP and Dogecoin Funds
Grayscale Investments aims to launch a Cardano exchange-traded fund on the New York Stock Exchange, according to a document posted to the NYSE website. NYSE Arca submitted the 19b-4 form for a proposed rule change Monday on behalf of the issuer. Cardano (ADA), the ninth-largest cryptocurrency by market capitalization, has jumped 12% on the day to $0.748 on news of the Cardano ETF filing, according to CoinGecko. It's the largest gainer over the last day among the top 10 coins by market cap. If ap...
The Grayscale Pyth Trust is one of several investment vehicles the asset manager has debuted in recent months.
Last month, Grayscale unveiled its Bitcoin Miners ETF, which offers exposure to firms that participate in mining the world's oldest cryptocurrency. Around the same time, it also introduced an investment fund for Dogecoin, the popular meme coin promoted by billionaire Elon Musk.
Grayscale Debuts New Dogecoin Trust—And Files to Convert It Into ETF
Asset manager Grayscale launched a Dogecoin Trust early Friday morning, offering institutional and accredited investors the opportunity to allocate to crypto’s original meme coin. Known for its spot Bitcoin and Ethereum ETFs, which also began as private placements, Grayscale believes the $49.7 billion meme coin is no longer a laughing matter. The firm believes that Dogecoin has morphed over the years from a simple meme coin to a “tool for global financial inclusion, grassroots activism, and a vi...
Grayscale, which offers more than 30 funds, is also still awaiting SEC approval to convert several trusts into spot XRP, Litecoin, and Solana ETFs, respectively.
The Grayscale Bitcoin Trust (GBTC) now manages about $19 billion in assets and a separate mini trust, a spinoff, has roughly $4 billion in assets under management. GBTC was converted from a trust to a spot ETF last year, as was Grayscale's Ethereum Trust.
Edited by James Rubin
